Trump Media & Technology Group, the company behind Truth Social, reported a $238.1 million loss in the second quarter of 2026.

The company lost much more money than it did a year earlier. Falling prices of bitcoin, Cronos (a digital asset developed in association with Crypto.com) and other investments were a major reason for the loss.

Despite the weak results, Trump Media continues to hold a large amount of bitcoin. It is also changing the way it manages its digital asset holdings.

According to the company's latest SEC filing, Trump Media held 9,477.16 BTC on June 30, 2026. The bitcoin was worth about $557.1 million at that time.

The company says it sold $159.6 million of bitcoin-related securities in July and used the money to buy bitcoin directly. By July 31, 2026, Trump Media said it held about 14,139 BTC, worth roughly $890.5 million. In other words, the company added about 4,662 BTC in July.

Trump Media is not simply holding all of its bitcoin. As of June 30, the company had pledged 2,077.34 BTC to support a bitcoin options strategy. The strategy allows the company to earn money from options contracts linked to bitcoin.

Trump Media's second-quarter revenue was about $1.67 million, up from roughly $883,000 a year earlier. But the company's investment losses were much larger than its revenue.

Trump Media reported $190.4 million in combined unrealized losses from digital assets, pledged digital assets and equity securities during the quarter.

Unrealized losses are losses on paper. They happen when the value of an investment falls, even if the company has not actually sold the investment. The company also reported about $644 million in net losses for the first six months of 2026.

Trump Media reported $18.3 million in realized derivative gains and $37.5 million in unrealized derivative gains during the first six months of 2026. The company has also placed an undisclosed amount of bitcoin into lending and other arrangements designed to generate income. However, these strategies come with risks.

Some third parties may be allowed to lend, re-pledge or "rehypothecate" the bitcoin. This means the same bitcoin can potentially be used in other financial transactions.

Trump Media warned that it may not always know what happens to the bitcoin after it is transferred to a third party. The company also warned that if a counterparty fails, its bitcoin could become tied up in bankruptcy proceedings.

“The volatility of bitcoin increases the likelihood that counterparties may default due to market downturns, liquidity crises, fraud, or other financial distress, and to the extent our arrangements are unsecured, we may be unable to recover deployed bitcoin in a counterparty insolvency,” Trump Media said in its SEC filing.

The SEC filing makes Trump Media’s bitcoin position difficult to pin down as a single “available” number because the company does not disclose a complete breakdown between freely usable bitcoin and bitcoin that has been pledged or deployed elsewhere.

As of June 30, 2026, it reported 9,477 BTC as digital assets, but an additional 4,261 BTC was pledged as collateral for its $1 billion convertible notes and another 2,077 BTC was pledged in connection with an options strategy.

The company also says it has deployed some bitcoin into lending and other yield-generating arrangements, which can restrict its ability to sell or otherwise use those coins, but it does not disclose how many BTC are in that category.

The picture is further complicated by activity after quarter-end. Trump Media disclosed that it held approximately 14,139 BTC as of July 31, including pledged bitcoin, but again did not say how much of that total was freely available.

In other words, the headline figure tells us how much bitcoin the company says it holds economically, but not how much it could immediately sell, move or use without satisfying loan, derivatives or third-party contractual obligations.

That is why the precise “unencumbered” Bitcoin figure remains unclear from the SEC filing.