The 10-K That Made Truth Social Look Like a Side Project
Trump Media & Technology Group filed its annual 10-K with the SEC on February 27, 2026, covering fiscal year 2025, and the numbers tell a story the "crypto president" narrative did not anticipate. The company posted a consolidated net loss of $712.3 million on total revenue of just $3.7 million. The loss-to-revenue ratio is roughly 192 to 1.
The damage came almost entirely from the company's Bitcoin treasury. Trump Media recorded $403.2 million in fair value mark-to-market losses on digital assets and another $178.8 million in fair value losses on digital asset-related securities. Combined, those two crypto-linked line items produced $582 million in non-cash losses, accounting for more than 81 percent of the total deficit.
Meanwhile, the Arkham Intelligence analyst Emmett Gallic flagged on X that the filing shows Trump Media's Bitcoin holdings decreased from 11,542 BTC to 9,542 BTC, a reduction of approximately 2,000 BTC. If confirmed, that disposal at recent prices would represent roughly $130 million in Bitcoin sold during the year. The GlobeNewswire press release does not break out a specific BTC unit count, so the exact disposition timeline remains unclear.
A $2.5 Billion Balance Sheet Built on Bitcoin, Not Ads
At the end of 2025, Trump Media reported approximately $2.5 billion in total financial assets, more than triple the $776.8 million it held at year-end 2024. That surge came from the company's aggressive pivot into Bitcoin and crypto-related investments through its Truth.Fi financial services arm, not from advertising growth on Truth Social or subscribers to its Truth+ streaming service.
To put the ratio in perspective: $3.7 million in annual revenue means Truth Social, the company's flagship product, generated roughly $10,100 per day across the entire platform. The Bitcoin treasury position, even after the markdown, dwarfs the operating business by a factor of several hundred.
This is the same dynamic playing out across the growing list of public companies that have adopted Bitcoin treasury strategies. Strategy (formerly MicroStrategy) holds 717,131 BTC. MARA reported a $1.7 billion Q4 loss on the same FASB fair value rules. American Bitcoin, another Trump-family-linked entity, posted a $59 million loss with a 90 percent stock crash. The common thread is FASB's ASU 2023-08, which forces companies to mark crypto assets to fair value each quarter. In a bear market, the writedowns are brutal and immediate, even though the company has not sold a single coin.
The Numbers Under the Surface
| Metric | 2025 | 2024 |
|---|---|---|
| Total Revenue | $3.7M | Not disclosed in release |
| Net Loss | $712.3M | N/A |
| Fair Value Loss (Digital Assets) | $403.2M | N/A |
| Fair Value Loss (Crypto Securities) | $178.8M | N/A |
| Options Hedging Income | $44.0M | N/A |
| Total Financial Assets | $2.5B | $776.8M |
| Operating Cash Flow | +$14.8M | -$61.0M |
| BTC Holdings (reported) | 9,542-11,542 BTC | N/A |
One detail buried in the release: Trump Media earned $44 million from a covered-put options strategy on its Bitcoin position. That is sophisticated treasury management. Selling put options against a BTC position generates premium income but also exposes the company to downside risk if Bitcoin falls below the strike price. In a year when Bitcoin dropped sharply, the $44 million in options income offset only a fraction of the $403 million mark-to-market hit.
The company also reported positive operating cash flow of $14.8 million for the year, a significant reversal from the $61 million outflow in 2024. Trump Media framed this as achieving profitability in cash operations within two years of going public via SPAC in March 2024. But operating cash flow excludes the unrealized crypto losses, so the headline number obscures the balance sheet reality.
What DJT Shareholders Are Actually Holding
If you own DJT stock, you are not primarily investing in a social media platform. You are holding a Bitcoin treasury vehicle with a social media wrapper. The math is straightforward: the company's Bitcoin position (roughly $620 million to $750 million depending on the current count) represents the vast majority of its market-relevant assets. Truth Social's $3.7 million in revenue would not sustain the company's corporate overhead, let alone justify a multi-billion-dollar public listing.
Trump Media is also pursuing a proposed merger with TAE Technologies, a fusion energy company, and has launched Truth.Fi ETFs and separately managed accounts. These diversification efforts suggest the company recognizes it cannot rely on Truth Social's advertising revenue, which remains a rounding error relative to its investment portfolio.
The broader implication for the crypto market is that Trump Media's 10-K adds another data point to the Bitcoin corporate treasury debate. When Bitcoin was climbing, these treasuries looked like genius financial engineering. In a sustained downturn, the FASB mark-to-market rules turn every quarterly filing into a loss headline, regardless of whether the company has actually sold any Bitcoin.
The Political Irony of the Crypto Treasury
President Trump ran as the most crypto-friendly candidate in history, and his family has deep financial ties to the industry through World Liberty Financial, American Bitcoin, and now Truth.Fi. But his flagship public company just demonstrated exactly why Bitcoin treasury strategies carry real risk: a 192x loss-to-revenue ratio that no amount of political goodwill can paper over.
For crypto card users and retail investors, the lesson is about custody and exposure. Holding Bitcoin directly through a self-custody wallet means you own the asset without a public company's share dilution, management fees, or options strategies sitting between you and the price. Buying DJT stock as a Bitcoin proxy means accepting the operational drag of Truth Social, the dilution risk of the TAE merger, and the opacity of the options book.
The filing also raises questions about whether the 2,000 BTC reduction, if Arkham's analysis is correct, represents a strategic sell or a forced liquidation to cover operating costs. At $3.7 million in revenue and $14.8 million in operating cash flow, the company's burn rate is manageable, but only because it is monetizing its crypto position through options premiums and (potentially) asset sales.
FAQ
How much Bitcoin does Trump Media hold? The company's most recent public disclosures show approximately 11,542 BTC, though Arkham Intelligence analyst Emmett Gallic has flagged that the 10-K filing indicates a reduction to 9,542 BTC. The GlobeNewswire press release does not specify an exact BTC count, so the figure remains unconfirmed at the unit level.
Why did Trump Media lose $712 million on $3.7 million in revenue? The loss is overwhelmingly non-cash. FASB's ASU 2023-08 requires companies to mark digital assets to fair value each quarter. Bitcoin's price decline during 2025 generated $403.2 million in unrealized writedowns, and another $178.8 million came from crypto-related securities. The actual operating business lost far less.
Is Trump Media profitable? In cash flow terms, yes. The company reported $14.8 million in positive operating cash flow for 2025, its first cash-positive year. But on a GAAP net income basis, the $712.3 million loss makes it one of the worst-performing public companies relative to revenue.
Did Trump Media sell any Bitcoin? This remains unclear. The Arkham analysis suggests a 2,000 BTC reduction, but the press release does not confirm dispositions. The $44 million in covered-put options income is a separate activity (premium from selling options, not from selling Bitcoin itself).
Overview
Trump Media & Technology Group's 2025 annual filing reveals a $712.3 million net loss on $3.7 million in total revenue. The loss was driven by $403.2 million in Bitcoin mark-to-market writedowns and $178.8 million in losses on digital asset-related securities. The company held approximately $2.5 billion in financial assets at year-end, more than tripling from $776.8 million in 2024. Operating cash flow turned positive at $14.8 million. Unconfirmed analysis from Arkham Intelligence suggests Bitcoin holdings may have decreased from 11,542 to 9,542 BTC during the year.
Recommended Reading
- MARA Posts a $1.7 Billion Q4 Loss on a Bitcoin Markdown, Then Jumps 17 Percent After Announcing an AI Data Center Pivot With Starwood
- American Bitcoin Posts a $59 Million Q4 Loss and a 90 Percent Stock Crash Nine Months After Its IPO, and the Trump Family Owns 20 Percent
- Michael Saylor Signals Strategy's 100th Bitcoin Buy While Sitting on 717,131 BTC and a 72 Percent Stock Collapse
