Trump Media & Technology Group (DJT) released its latest quarterly financial report, disclosing the company’s holdings of cryptocurrency assets. As of June 30, the company held 9,477.16 bitcoins on its books, with a fair value of approximately $557.1 million. Compared with data from the end of March, its BTC holdings decreased slightly by 65 coins.

Due to downward pressure in cryptocurrency market prices, the company’s digital-asset-related business recorded a loss of $360.6 million in the first half of the year.

In addition, the number of Cronos (CRO) tokens the company holds—756.1 million—did not change, but the fair value of those assets fell from $68.0 million at the end of 2025 to $40.6 million.

What the market should be wary of is that a significant portion of DJT’s bitcoins has already been used for collateralized financing. Of its 4,260.73 BTC, some was pledged as collateral for convertible note instruments, while 2,077.34 BTC was used for a bitcoin options strategy. With a large amount of coins pledged as collateral, once the market experiences a deep pullback, the risk of liquidation cascades cannot be ignored.

Market commentary:
They say they’re embracing Bitcoin, but in reality they’ve pledged large amounts of BTC to borrow money. This isn’t a long-term “Bitcoin hoarding” belief at all—it’s treating Bitcoin as chips to play a high-leverage game. Once the coin price suffers a brutal drop, and the collateral positions get breached, it’s not just DJT that will face a major crisis—there’s even a possibility it could directly drag down the entire Bitcoin market. When that happens, everyone in the crypto community may end up paying the bill.
#bnb #TRUMP