Trump Media & Technology Group (TMTG) reported a net loss of $405.9 million for the first quarter of 2026, largely driven by unrealized losses on digital assets. The company's crypto treasury, which includes Bitcoin and Cronos holdings, was valued at $821.9 million against a $1.24 billion cost basis, resulting in a $423.06 million paper loss. Unrealized losses on digital assets and equity securities totaled $368.7 million, accounting for the majority of the shortfall. Stock-based compensation added $11.8 million, and accreted interest contributed $11.5 million. TMTG's Bitcoin balance decreased by 2,000 BTC in late February, ending the quarter with 9,542 BTC worth $767 million, acquired at an average cost of $118,529 per coin. The company also holds 756 million Cronos (CRO) valued at $54 million. Bitcoin fell approximately 22% during Q1 2026, its worst quarter since 2018. Despite these losses, TMTG's total assets nearly tripled year-over-year to $2.2 billion, and operating cash flows remained positive for the fourth consecutive quarter at $17.9 million. For wallet and key holders, the report underscores the volatility risk of holding digital assets on corporate balance sheets. TMTG's example shows that large crypto treasuries can lead to significant paper losses during market downturns, impacting reported earnings. While the company maintains a strong balance sheet and positive cash flow, investors should be aware of the potential for large unrealized losses in crypto-heavy portfolios. The news also highlights the importance of cost basis tracking and valuation methods for crypto assets.

Key facts

• TMTG reported $405.9M net loss in Q1 2026, mainly from crypto unrealized losses.
• Unrealized losses on digital assets and equities reached $368.7 million.
• Bitcoin holdings: 9,542 BTC valued at $767M, average cost $118,529 per BTC.
• Total crypto treasury valued at $821.9M against $1.24B cost basis.
• Operating cash flows remained positive for fourth consecutive quarter at $17.9M.

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