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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 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.#Write2Earn #TRUMP $BTC
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 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.#Write2Earn #TRUMP $BTC
