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ToplineTrump Media and Technology Group, the parent company of Truth Social and a cryptocurrency treasury, reported a net loss of $54.8 million on $973,000 in revenue in the third quarter of 2025, according to a filing Friday with the Securities and Exchange Commission.

President Donald Trump gestures as Secretary of Health and Human Services Robert F. Kennedy Jr. speaks during an event about weight-loss at the White House on Thursday. (Photo by ANDREW CABALLERO-REYNOLDS/AFP via Getty Images)AFP via Getty ImagesKey FactsThe company’s bitcoin holdings fell by $48 million.

Those losses were partially offset by $33 million in gains in Cronos, another cryptocurrency.

Trump Media also racked up $20.3 million in legal fees last quarter, largely incurred as the result of its 2024 merger with special purpose acquisition company Digital World Acquisition, a transaction that Trump Media admitted was “one of the longest SPAC deals in history.”

Revenues of $972,900 were up 10% from the second quarter—but still about what Taylor Swift brought in over 15 minutes on her Eras Tour—and below where they were tracking in 2023, when annual revenues totaled $4.1 million.

Stock in Trump Media (NASDAQ: DJT) closed at $13.10 on Friday, having hit a 52-week low of $12.70 earlier in the day.

Trump Media CEO and President Devin Nunes said the quarter was “crucial” to the company’s expansion plans in a statement, adding, “We’ve built up our own robust, uncancellable infrastructure, expanded into new sectors, formed extraordinary partnerships, secured our financial future with a massive bitcoin treasury, and expanded our existing platforms.”

What To Watch ForThe price of bitcoin has continued to fall since the third quarter ended on September 30. And Cronos is also down significantly since the end of the third quarter. Unless the value of those cryptocurrencies turns around, Trump Media is likely looking at another substantial loss in the fourth quarter.

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