Trump Media and Technology Group reported a net income of $409.7 million in the third quarter, a sharp reversal from the $54.8 million loss recorded a year earlier. The profit stems entirely from non-cash realized and unrealized gains on digital assets, pledged crypto, and equity securities. Operating revenue contributed only $3 million to the bottom line, up 205% year-on-year. This minimal operational growth contrasts starkly with the massive windfall from speculative holdings. The company held roughly 15,649 Bitcoin at the end of September, with 11,385 pledged to its "Bitcoin Yield Management Program" to earn yield. CFO Phillip Juhan confirmed these figures during Monday’s earnings call.
Revenue and Merger Progress
The modest revenue increase is driven by $1.8 million in subscription growth for Truth API, a paid real-time data feed launched in August. Institutional clients like Bloomberg, Susquehanna International Group, and Jump Trading now pay for faster access to posts from top accounts, including President Donald Trump’s. While the API shows traction, it remains a tiny fraction of the total financial picture. Meanwhile, the proposed all-stock merger with fusion power company TAE Technologies stays on track for a fourth-quarter close. Valued at more than $6 billion, the deal would give shareholders of each company roughly 50% of the combined entity. The Securities and Exchange Commission declared the related Form S-4 effective on Nov. 5, clearing the path for a shareholder vote scheduled for Dec. 14. Interim CEO Kevin McGurn stated, "We fully remain on track to close by the end of the year." He added that the merger will solidify public market investor access to the future of energy in the country and around the world. DJT shares closed up 1.75% at $4.06 on Monday and gained another 1.5% in after-hours trading. The heavy reliance on volatile crypto assets makes this profit figure misleading regarding actual business health.
