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Trump Media loss widens to $238.1 million on crypto asset losses
The company also reported $1.7 million in second-quarter revenue and said its Truth API launched Aug. 1 with more than 10 customer agreements signed.
Trump Media & Technology Group reported a wider second-quarter net loss of $238.1 million, up from about $20 million a year earlier, citing largely unrealized losses tied to its cryptocurrency assets, according to Reuters.
The outlet said digital assets came under pressure during the April-to-June quarter as investors rotated away from risk amid uncertainty over U.S. interest rates, geopolitical tensions, and ongoing outflows from crypto investment products.
Trump Media is also looking to diversify revenue through its Truth API licensed data feed, which it said launched on Aug. 1. The company reported signing more than 10 customer agreements for the feed and added that it is continuing to add partners.
In the quarter ended June, the company posted $1.7 million in revenue, up from $0.9 million a year earlier, Reuters reported, and said it is making progress toward a proposed merger with fusion energy developer TAE Technologies.