Bitcoin's recent price action is drawing comparisons to its 2023 recovery, according to analyst Ali Martinez, as Trump Media & Technology Group disclosed a significant Bitcoin acquisition in its third-quarter filing.
Analyst Highlights 2023 Parallel
Martinez shared a chart suggesting that Bitcoin's price structure in 2026 mirrors its 2023 recovery. In 2023, Bitcoin rebounded from around $16,000 to $24,000, pulled back to test a red moving average near $19,000, then rallied above $30,000 before settling at $27,800.
The 2026 chart shows a similar pattern: Bitcoin bounced from $60,000 to $84,000, pulled back, and is now challenging the same red moving average around $74,780. A black arrow on the chart indicates this retest. Martinez noted that if the moving average holds as support, the 2023 recovery pattern could continue; a breakdown would weaken the bullish comparison.
Trump Media Reveals $112M Bitcoin Buy
In an SEC filing dated November 9, Trump Media reported acquiring 1,510 Bitcoin valued at approximately $112 million during the third quarter of 2026. CFO Phillip Juhan confirmed the company purchased 4,359 BTC in the quarter, including Bitcoin raised from selling shares in the BlackRock Bitcoin ETF.
As of September 30, Trump Media held a total of 15,649.14 BTC, valued at about $1.31 billion at quarter-end prices. The company also owns seven million shares of BlackRock's iShares Bitcoin Trust (IBIT). Of its Bitcoin holdings, 11,385.20 BTC were pledged to its Bitcoin Yield Management Program, while 4,263.94 BTC were held directly as digital assets.
Cronos Holdings and Financial Results
Trump Media also held 756,079,523 Cronos (CRO) tokens, worth approximately $50.34 million at the end of September. The company initially purchased 684.4 million CRO in August 2025. The filing showed 615.98 million tokens, valued at around $41 million, remained unavailable for sale.
For the quarter, Trump Media reported net income of $409.7 million, compared with a net loss of $54.8 million a year earlier. The results included a gain of $378.1 million in digital assets and pledged digital assets, primarily driven by a 42% increase in Bitcoin's price over the quarter. Quarterly revenue was $3 million.
