Trump Media & Technology Group, the owner of Truth Social, reported net income of $409.7 million for the third quarter of 2026 in its quarterly report (Form 10-Q), filed with the SEC on Monday 9 November. Almost all of it came from bitcoin. The company booked a $378.1 million gain on the digital assets it holds and has pledged, while revenue for the three months to 30 September was $2.97 million. A year earlier it lost $54.8 million.
The same filing shows where the Trump Media bitcoin now sits, and how little of it is free. Of about 15,649 BTC held on 30 September, 11,385 were pledged to a counterparty in an options programme. Another 4,260.73 BTC secure $1.0 billion of convertible notes whose holders can ask for their money back, in cash, on 30 November 2026.
That date is less than three weeks away. Whether any noteholder will use the right is not known. The 10-Q says that if holders ask for cash, the company may refinance the notes with a new credit facility, and it lists selling bitcoin among the fallback options. The earnings release does not mention the date.
The shares (Nasdaq: DJT) closed at $4.06 on 9 November, up 1.75%, and gained about 1.5% after hours, according to The Block.
Trump Media bitcoin gains are larger than its whole operating profit
Income from operations reached $354.6 million in the quarter, against a loss of $57.7 million in the third quarter of 2025. The line that made the difference is the realized and unrealized gain or loss on digital assets and digital assets pledged. It added $378.1 million: $200.8 million of unrealized gain on the pledged coins, $107.5 million on the coins and CRO tokens still held directly, and $69.9 million on coins handed to the options counterparty during the quarter. In the same quarter last year that line was a $16.2 million loss.
Take the crypto line out and the business still ran at an operating loss of about $23.6 million, by our subtraction of the 10-Q figures. The company’s own adjusted EBITDA, a non-GAAP measure, was a loss of $12.3 million. That is a smaller loss than a year ago, and the reason is costs. General and administrative expenses fell to $13.4 million from $31.1 million. The earnings release puts legal fees at $2.4 million, down from $20.3 million. Research and development cost $8.8 million and sales and marketing $1.9 million.
Revenue did grow fast, by 205% according to the release, to $2.97 million from $0.97 million. Over nine months the company’s sales came to $5.5 million. Its balance sheet, by comparison, totals $2.48 billion.
Investment income added a further $60.0 million in the quarter, which, with smaller items, took operating income of $354.6 million to net income of $409.7 million. The release adds that these results include a $54.0 million loss on derivatives. Per share, Trump Media earned $1.47 (basic) and $1.38 (diluted), against a loss of $0.20 a year earlier.
| Trump Media, $ millions | Q3 2026 | Q3 2025 |
|---|---|---|
| Revenue | 2.97 | 0.97 |
| Gain (loss) on digital assets, incl. pledged | 378.1 | -16.2 |
| General and administrative | 13.4 | 31.1 |
| Income (loss) from operations | 354.6 | -57.7 |
| Net income (loss) | 409.7 | -54.8 |
| Diluted earnings per share ($) | 1.38 | -0.20 |
Source: Trump Media Form 10-Q and earnings release, 9 November 2026.
Nine months still show a $234 million loss
One quarter does not change the year. For the nine months to 30 September, Trump Media lost $234.2 million, more than twice the $106.6 million it lost in the same period of 2025. Investment income was negative over the nine months, at minus $120.0 million.
The crypto line, so large in the third quarter, adds only $17.5 million year to date. Gains booked over the summer mostly cancelled the losses booked earlier in the year, when bitcoin was falling.
Coindaro described the same pattern on Monday for ether treasury companies, in Sharplink’s $751 million quarter built on an ether mark-up, and in October for Strategy’s record bitcoin mark-up in the third quarter. These companies value their coins at the market price on the last day of each quarter. A higher price shows up as profit, a lower one as a loss. Trump Media’s line mixes both kinds: realized gains or losses on coins it disposed of, and unrealized ones on coins it still holds.
How much bitcoin does Trump Media own?
On 30 September, 15,649.14 BTC, adding the two holdings listed in Note 4 of the 10-Q. The Block gives the same total, about 15,649.
The first holding is 4,263.94 BTC that are not pledged to the options counterparty, carried at a cost of $321.3 million and a fair value of $356.3 million. The filing says separately that 4,260.73 BTC, worth $356.1 million, serve as collateral for the convertible notes and cannot be withdrawn until the notes are repaid, at the latest on 29 May 2028.
The 10-Q does not state in words that the note collateral sits inside the first holding. The balance sheet points that way. Its $951.4 million of pledged digital assets is exactly the value of the coins pledged for options, so the $356.1 million of note collateral can only be part of the $356.3 million of bitcoin in the other line. On that reading, about 3.2 BTC carry no lien.
The second holding is 11,385.20 BTC pledged for the options strategy, with a fair value of $951.4 million. On Monday’s call, chief financial officer Phillip Juhan described those coins as part of a “Bitcoin Yield Management Program”, The Block reported. The 10-Q itself speaks of an option strategy.
Besides bitcoin, the company holds 756,079,523 CRO, the token of the Cronos blockchain linked to Crypto.com. The stake cost $113.9 million and was worth $50.3 million on 30 September. CRO was marked down by $17.7 million over the nine months.
Fewer free coins, more coins in the options pool
At the end of 2025 the company held 9,542.16 unpledged BTC, worth $836.4 million. By 30 September that holding had fallen by about 5,278 BTC. Note 4 records $398.0 million of bitcoin added over nine months and $775.3 million disposed of, but the cash-flow statement lists that $775.3 million as a non-cash disposition of digital assets pledged. In other words, the coins went to the options counterparty rather than being sold for cash.
The cash-flow statement shows $278.2 million spent on digital assets in nine months and no line for proceeds from selling them. Over the same period the pledged line on the balance sheet grew from $175.3 million to $951.4 million. Pledging has an accounting cost: Trump Media booked a $137.7 million loss on derecognition when coins left its own books, a $55.5 million loss when it took pledged coins back, and a $193.4 million unrealized gain on the pledged blockchain that runs exactly as written when it is called, holding and moving funds according to its code, without an intermediary able to change the outcome.">smart contract holding reserves of two or more tokens, supplied by users, that a decentralized exchange uses to execute trades automatically at a price set by a formula.">pool. It also used $4.3 million of digital assets to pay expenses and $12.4 million to pay option premiums.
Covered calls, puts and pledged coins the counterparty can re-lend
The options listed in the 10-Q are covered calls on 4,838.40 BTC, with strikes from $68,000 to $92,000, and covered puts on 1,500 BTC, with strikes from $75,000 to $80,000. All of them were set to mature in October 2026. The company also bought protection: puts on 1,225 BTC with strikes of $71,000 to $73,000, and calls on 600 BTC at $95,000 to $98,000, with the same maturities.
Selling a call brings in a premium today; in exchange, if bitcoin ends above the strike, the buyer can take the coins at that strike. Selling a put also brings in a premium, but obliges the seller to buy bitcoin at the strike if the price ends below it. The yield comes from those premiums, and so does the risk of giving up upside or buying into a fall. Our guide to options and option vaults explains the mechanics with on-chain examples.
Two details of the arrangement matter for shareholders. The counterparty holds the premiums in bitcoin. And it may rehypothecate the pledged bitcoin, meaning re-lend or re-pledge it, “at their sole discretion”, in the words of the filing. Trump Media’s claim on those 11,385 coins is then a claim on the counterparty.
The fair value of the option liability stood at $41.2 million on 30 September, against $7.5 million on 31 December 2025. Every contract has since expired. How they settled in October, and whether any coins were called away, will only appear in the next report.
The 30 November put on $1 billion of notes
The notes are $1.0 billion of 0% senior secured convertible notes due 29 May 2028, issued at a 4% original issue discount, according to Note 10 of the 10-Q. Their holders can require Trump Media to buy them back in cash on 30 November 2026, at 100% of principal plus any accrued interest, of which a zero-coupon note has none. The balance sheet already shows $976.8 million of convertible notes payable as a current liability, the kind due within a year.
Conversion offers holders little. Each $1,000 note converts into 28.8 shares, a price of about $34.72 per share. DJT closed at $4.06 on Monday, so the conversion price is roughly 8.5 times the share price. For a holder, cash at par on 30 November is the option worth looking at.
The indenture required $1.0 billion of collateral at the start. On 30 September it was made of $31.0 million of restricted cash, $331.4 million of equity securities and the 4,260.73 BTC described above. Outside it, the balance sheet shows $182.3 million of cash and cash equivalents and $211.1 million of short-term investments, overnight repurchase agreements. The release’s “financial assets” of about $2.3 billion add the bitcoin, the CRO and the equity securities to that.
The 10-Q is direct about the risk. If holders exercise, the company “could be required to pay up to approximately $1.0 billion in cash”. It says it may refinance through a new credit facility, and that failing this it may have to raise new debt or equity or sell its bitcoin. It also says issuing shares to settle the notes would not be an efficient use of its equity while the stock trades far below the conversion price.
One more comparison, from our own arithmetic: with 278.4 million shares outstanding on 6 November, a $4.06 share price values Trump Media at about $1.13 billion. That is close to the face value of the notes that can be handed back at the end of the month.
Bitcoin is about 10% below the price used for the September mark
The pledged coins were valued at about $83,600 each on 30 September ($951.4 million divided by 11,385.20 BTC). Bitcoin traded at about $74,780 around 05:43 UTC on Tuesday 10 November, down 2.78% over seven days, according to Coindaro’s market snapshot. That is roughly 10.5% lower.
Applied to 15,649 BTC, a gap of about $8,800 per coin comes to about $138 million less than the September value. This is our arithmetic, not a figure in any filing, and not a forecast. The fourth-quarter result will use the price on 31 December, and the holding may already differ after the October options and any sales since.
Outside crypto: a Truth API lawsuit, a prediction-market change and a merger vote
On 21 September 2026, the San Francisco City Attorney sued Trump Media in San Francisco Superior Court (case CGC-26-641192) under California’s Unfair Competition Law, over Truth API. The suit seeks an injunction and civil penalties. The company “disputes the allegations”, the 10-Q says, and it lists two other suits that challenge Truth API without naming Trump Media.
Truth API, a data-licensing product, launched on 1 August 2026. The release credits it and Truth+ with $1.8 million of subscription growth in the quarter. Its customers include Bloomberg, Susquehanna and Jump Trading, according to Reuters as cited by The Block.
The filing also records a change to Truth Predict, the company’s prediction-market product. On 7 August 2026, Trump Media and Crypto.com | Derivatives North America said they would drop a planned direct integration and move to a marketing agreement instead.
The largest corporate event ahead is the all-stock merger with TAE Technologies, announced in December 2025 at a value above $6 billion, with each side owning about half of the combined group. The S-4 registration was declared effective on 5 November and shareholders vote on 14 December. “We fully remain on track to close by the end of the year,” interim chief executive Kevin McGurn said, as quoted by The Block.
The Trump family’s crypto interests are also under political scrutiny in Washington, including Senator Blumenthal’s 4 January deadline for Binance, Tether and Trump’s crypto firms. The 10-Q does not mention that inquiry.
Dates to watch: 30 November, 14 December and 31 December
The note put falls on Monday 30 November, and any exercise should become public through an SEC filing. Shareholders vote on the TAE merger on 14 December. The bitcoin price on 31 December will set the fourth-quarter mark, on a holding whose size after October the company has not yet disclosed.
The stock is listed only in the United States.