Trump’s media company added a net 1,510 BTC in the third quarter, bringing its total holdings to 15,649 BTC, worth around $1.17 billion.
But how much it added isn’t the most interesting thing in this earnings report.
It had $3 million in revenue in the third quarter and net income of $409.7 million. That’s more than 130 times its revenue.
Virtually all of that $410 million came from unrealized gains on the coins and equity it holds—not from its business. Adjusted EBITDA for its core business was still negative $12.3 million. Put simply, the business itself is still losing money.
So if you buy this company’s stock, you’re not really buying a media business. You’re buying BTC exposure wrapped in a publicly traded company. When BTC rises, the stock can rise even more; when BTC falls, it can fall just as hard. Think that through before you make a move.
There’s another figure I think matters more than how much it added. Of its 15,649 BTC, 11,385 are committed to its own yield-generating program—more than 70% of its holdings. Earning yield on coins isn’t anything new, but when the proportion is this high, it’s no longer simply a matter of holding them passively.
One more thing: people are saying its cost basis is $105,000 per coin and that it has more than $400 million in unrealized losses. That figure isn’t in the company’s earnings report at all; it’s someone else’s estimate. Take it for what it is, and don’t use it as evidence when arguing with people.
BTC’s daily candle closed at 73,796 last night, with the 200-day moving average at 73,191. It held, about $600 above the average. That’s the condition I mentioned earlier, and it’s been met. It’s at 73,854 now. Same rule as before: I won’t change my view unless it gets back above 75,535. #特朗普媒体Q3增持1510枚比特币
But how much it added isn’t the most interesting thing in this earnings report.
It had $3 million in revenue in the third quarter and net income of $409.7 million. That’s more than 130 times its revenue.
Virtually all of that $410 million came from unrealized gains on the coins and equity it holds—not from its business. Adjusted EBITDA for its core business was still negative $12.3 million. Put simply, the business itself is still losing money.
So if you buy this company’s stock, you’re not really buying a media business. You’re buying BTC exposure wrapped in a publicly traded company. When BTC rises, the stock can rise even more; when BTC falls, it can fall just as hard. Think that through before you make a move.
There’s another figure I think matters more than how much it added. Of its 15,649 BTC, 11,385 are committed to its own yield-generating program—more than 70% of its holdings. Earning yield on coins isn’t anything new, but when the proportion is this high, it’s no longer simply a matter of holding them passively.
One more thing: people are saying its cost basis is $105,000 per coin and that it has more than $400 million in unrealized losses. That figure isn’t in the company’s earnings report at all; it’s someone else’s estimate. Take it for what it is, and don’t use it as evidence when arguing with people.
BTC’s daily candle closed at 73,796 last night, with the 200-day moving average at 73,191. It held, about $600 above the average. That’s the condition I mentioned earlier, and it’s been met. It’s at 73,854 now. Same rule as before: I won’t change my view unless it gets back above 75,535. #特朗普媒体Q3增持1510枚比特币
