Trump Media & Technology Group, the parent of Truth Social (NASDAQ: DJT), reported $409.7 million in third-quarter net income, according to results released on November 9, 2026. The quarter marks the company’s first profit since it went public, but the gain stemmed primarily from Bitcoin-related holdings rather than from its advertising or subscription businesses.
Where the profit came from
The swing is stark: a year earlier, Trump Media reported a net loss of $54.8 million. This quarter, gains on the company’s digital assets totaled $378.1 million, and related securities added roughly another $60 million.
Those are non-cash gains, meaning the company did not necessarily sell any assets. The increase reflects the higher paper value of its holdings, which accounting rules allow to flow through to the bottom line.
The driver was Bitcoin’s price movement during the quarter, which rose from approximately $59,000 to $84,000. As of September 30, 2026, Trump Media held approximately 15,649 Bitcoin. About 11,385 of those coins were pledged to a Bitcoin Yield Management Program.
The company also owns 7 million shares of the iShares Bitcoin Trust (IBIT), BlackRock’s spot Bitcoin ETF, giving it a second layer of Bitcoin exposure through a regulated fund. Total assets stood at approximately $2.5 billion, of which financial assets accounted for $2.3 billion.
The operating business remains small
Excluding the crypto gains, core revenue for the quarter was $3.0 million, up 205% year-over-year. New products contributed: the company rolled out Truth API, a data-licensing product, and Truth+, its streaming service. Truth+ generated $1.8 million in subscription fees.
Despite the revenue growth, core operations still lost money. Trump Media reported an Adjusted EBITDA loss of $12.3 million for the quarter.
So the company earned $409.7 million on a net income basis while posting a $12.3 million Adjusted EBITDA loss—both figures are accurate, but only the profit depends heavily on Bitcoin’s price.
A treasury strategy with a media company attached
The Bitcoin Yield Management Program, to which around 11,385 coins are pledged, suggests the company is trying to generate returns on its holdings beyond price appreciation.
Trump Media is also working toward a merger with TAE Technologies. A shareholder meeting to address the deal is scheduled for December 14, 2026.
What it means for investors
The key takeaway is that this quarter’s profit is a function of the Bitcoin price, not of Truth Social’s commercial traction. Bitcoin rose from approximately $59,000 to $84,000 during the quarter, and the company captured that move. If Bitcoin were to fall by a similar amount in a future quarter, the same accounting treatment would turn those gains into losses.
With approximately 15,649 Bitcoin plus 7 million IBIT shares on the books, Trump Media’s earnings now carry heavy exposure to crypto markets.
The operating side deserves separate attention. Revenue growth of 205% shows the new products are finding some customers, and $1.8 million in Truth+ subscription fees is a real number. The question is whether Truth API and Truth+ can scale fast enough to close a $12.3 million quarterly Adjusted EBITDA gap.
The December 14 shareholder meeting on the TAE Technologies merger is the next concrete event to watch. For now, Trump Media has a profitable quarter on the record and a balance sheet of approximately $2.5 billion. Whether the next report looks anything like this one depends far more on crypto markets than on anything posted to Truth Social.
