Trump Media knocks off Musk’s Tesla on BTC holdings, logs nearly $240M Q2 loss

Trump Media & Technology Group (Nasdaq: DJT) told investors it lost $238 million in the second quarter, even as its Bitcoin stash grew large enough to overtake Elon Musk’s Tesla. 

The $238 million loss is more than ten times the company’s reported loss in the same period last year. The main cause of the losses is falling crypto prices. 

DJT overtakes Tesla 

Bitcointreasuries.net now lists DJT at roughly 12,062 BTC, worth about $774.6 million as of August 11, just above Tesla’s holdings of 11,509 BTC, which have remained flat for years.

Trump Media now occupies the 12th spot among public-company bitcoin holders.

In its Form 10-Q, Trump Media reported about 14,139 BTC as of July 31. That number includes every Bitcoin the company has promised to someone else, not just the ones it fully controls. 

Bitcointreasuries.net removed 2,077 BTC from the total because it was posted as collateral for a covered-options strategy. 

The filing says the counterparty “can rehypothecate at their sole discretion” those coins and any Bitcoin premiums it receives. Coins backing the firm’s $1 billion convertible notes stay in the tally, since that collateral remains recognized as Trump Media’s own.

The $238 million loss is more than ten times the shortfall Trump Media booked in the same stretch of 2025. The losses are reportedly tied to a slide in crypto prices, which also caused a $406 million first-quarter loss earlier in 2026 when Bitcoin fell below $70,000 after trading above $126,000 the prior October. 

Accounting rules force the company to mark those holdings to market, whether or not it sells.

However, Trump Media posted $1.7 million in revenue for the quarter, which it said climbed 89% from a year earlier. The company closed the period with total assets of about $2 billion, with roughly $1.9 billion of it in financial assets, including cash, short-term investments, and digital currencies of about $1.2 billion in Bitcoin and Bitcoin-related holdings. It also carries $1 billion in convertible notes that mature in 2028. 

Is Truth API contributing to Trump Media’s revenue? 

Interim chief executive Kevin McGurn told the earnings call that Truth API charges $60,000 to $100,000 a month to push posts from Truth Social’s biggest accounts to institutional traders faster than the public sees them. 

More than 10 customers have signed up for the service since it launched at the start of August, with most of them being high-frequency trading firms. 

Cryptopolitan reported that the product drew legal and ethical questions, because Trump’s family remains the majority shareholder in a company that stands to profit when traders front-run the president’s own market-moving statements. 

Kathleen Clark, a government-ethics expert at Washington University School of Law, said the arrangement amounts to selling privileged access to information about the President’s actions.

McGurn has rejected that framing, arguing that licensed real-time public data through commercial APIs is a well-established practice across technology and financial information firms.

McGurn also clarified that after a year of exploring the online betting and crypto markets, the company will refocus on social media, describing the shift as a “disciplined choice.”

Trump Media recently scrapped a plan with Crypto.com to add prediction-market features to Truth Social. However, the company is still pursuing its merger with the nuclear-fusion company TAE Technologies, which McGurn stated that he expects to close by year end.