#特朗普媒体q3增持1510枚比特币 After looking at Trump Media’s third-quarter report, Mi Ge had just one feeling: the numbers look great on paper, but there’s not much substance behind them.
It added a net 1,510 bitcoins in the third quarter, bringing its holdings to 15,649 by the end of September, worth $1.31 billion at quarter-end prices. More importantly, it actually bought 4,359 bitcoins during the quarter. Some of the money came from selling Bitcoin ETFs, while another 11,385 bitcoins were used to generate options income—they weren’t simply sitting around in cold storage.
Net income of $409.7 million looks staggering, but revenue from its core business was only $3 million. Most of the profit came from the valuation of digital assets, and adjusted EBITDA was still down $12.3 million. Mi Ge’s take is simple: this isn’t a signal to buy the dip. It’s a publicly traded company using Bitcoin to put makeup on its financial statements. If the price falls, the makeup comes off. It also has $1 billion in convertible debt coming due on November 30. Whether it sells its coins then will be the real test.
Do you think Trump Media will sell its coins to repay its debt?
#特朗普媒体Q3增持1510枚比特币
It added a net 1,510 bitcoins in the third quarter, bringing its holdings to 15,649 by the end of September, worth $1.31 billion at quarter-end prices. More importantly, it actually bought 4,359 bitcoins during the quarter. Some of the money came from selling Bitcoin ETFs, while another 11,385 bitcoins were used to generate options income—they weren’t simply sitting around in cold storage.
Net income of $409.7 million looks staggering, but revenue from its core business was only $3 million. Most of the profit came from the valuation of digital assets, and adjusted EBITDA was still down $12.3 million. Mi Ge’s take is simple: this isn’t a signal to buy the dip. It’s a publicly traded company using Bitcoin to put makeup on its financial statements. If the price falls, the makeup comes off. It also has $1 billion in convertible debt coming due on November 30. Whether it sells its coins then will be the real test.
Do you think Trump Media will sell its coins to repay its debt?
#特朗普媒体Q3增持1510枚比特币