Trump Media swings to $410 million profit in Q3, driven by crypto gains

Trump Media and Technology Group, the company behind Truth Social, swung to a profit in the third quarter of this year, driven largely by non-cash realized and unrealized gains on crypto assets.

The company reported a net income of $409.7 million in Q3 compared with a net loss of $54.8 million a year earlier, according to its latest quarterly report released Monday.

A bulk of its profits came from non-cash realized and unrealized gains on digital assets, pledged digital assets, and equity securities, the company said in a separate statement. 

The company held roughly 15,649 BTC Bitcoin (BTC) at the end of September, of which roughly 11,385 were pledged to its "Bitcoin Yield Management Program" to earn yield on the holdings, CFO Phillip Juhan said Monday in an earnings call. 

Meanwhile, the firm posted $3 million in revenue in Q3, up 205% year-on-year, mainly driven by $1.8 million of subscription growth for its Truth API, the company said. 

In August, Trump Media officially launched Truth API, a paid real-time data feed giving institutional clients faster access to posts from top Truth Social accounts, including President Donald Trump's. It has signed Bloomberg, Susquehanna International Group, and Jump Trading as customers for the product, according to Reuters.

TAE merger on track for year-end closing

Trump Media also said it remains on track to complete its proposed merger with fusion power company TAE Technologies in the fourth quarter of this year, subject to regulatory conditions and shareholder approval.

In December 2025, Trump Media announced it is pursuing an all-stock merger with TAE in a deal valued at more than $6 billion. Under the deal, shareholders of each company would own roughly 50% of the combined entity. 

The company noted that the Securities and Exchange Commission declared the related Form S-4 effective on Nov. 5, clearing the way for a shareholder vote scheduled for Dec. 14, according to a company statement. 

"We fully remain on track to close by the end of the year," Interim CEO Kevin McGurn said on a Monday earnings call. "When our merger closes, we solidify public market investor access to the future of energy in our country and around the world."

Trump Media's shares (DJT) closed up 1.75% at $4.06 on Monday and gained another 1.5% in after-hours trading.