Trump Media’s Q1 loss widens to $406 million on bitcoin, CRO markdowns

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Trump Media’s Q1 loss widens to $406 million on bitcoin, CRO markdowns The loss was primarily driven by $244 million in unrealized losses on cryptocurrency holdings and an additional $108.2 million investment loss. What to know: - Trump Media reported a Q1 net loss of $405.9 million on $871,200 in revenue, widening significantly from $31.7 million a year earlier. - The loss was primarily driven by $244 million in unrealized losses on cryptocurrency holdings and an additional $108.2 million investment loss. - As of March, DJT held 9,542.16 bitcoin (valued at $647.1 million) and 756.1 million Cronos (CRO) tokens (valued at $53 million). Trump Media & Technology Group (DJT) reported a $405.9 million first-quarter net loss on $871,200 in revenue, widening from $31.7 million a year earlier as unrealized losses on its crypto holdings weighed on results. The parent company of Truth Social booked $244 million in unrealized losses on its cryptocurrency holdings. It also recorded a $108.2 million investment loss tied mostly to equity securities. Trump Media held 9,542.16 bitcoin The company also held 756.1 million Trump Media reported $17.9 million in operating cash flow for the quarter, helped by the sale of previously purchased put options on pledged bitcoin and bitcoin-related securities. A portion of the firm’s bitcoin is locked up. Trump Media said 4,260.73 BTC, worth $289 million at quarter-end, served as collateral for convertible notes. DJT also held covered call options on 4,000 BTC with a counterparty to hedge its exposure to the cryptocurrency’s volatility. Those options require 2,000 BTC to be held as collateral with the counterparty. The company raised $2.5 billion for a bitcoin treasury strategy last year, then disclosed a $2 billion bitcoin stack in July. Revenue rose 6% from $821,200 a year earlier. Media revenue was $810,100, while Truth.Fi generated $61,100 in management fees tied to ETF offerings. More For You Quantum computing does not only pose a risk to up to $3 trillion in digital assets, it also threatens the security of banking systems, military communications, digital identities and more, Project Eleven’s report warns. What to know: - A new 110-page report from Project Eleven warns that more than $3 trillion in digital assets secured by elliptic curve cryptography could become vulnerable to quantum attacks within four to seven years. - The report says a “Q-Day” — when quantum computers can break widely used public-key cryptography — could arrive...

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