Trump Media lost $55 million in the third quarter, with bitcoin holdings of about $1.3 billions.
ChainCatcher news, according to Cointelegraph, the Bitcoin held by Trump Media & Technology Group is insufficient to support its balance sheet. Due to rising costs, the company reported a loss of $54.8 million in its third-quarter financial report.
The company disclosed last Friday that its net loss for the third quarter had widened compared to $19.3 million in the same period last year. The company reported revenue of $972,900 for the quarter, down from over $1 million a year earlier. Trump Media's stock closed down 1.73% at $13.1 last Friday, with a slight rebound after hours to $13.2.
Trump Media reported that as of September 30, it held 11,542 Bitcoins (valued at $1.3 billions at the time). The company first announced in late July that it would begin purchasing Bitcoin, and revealed in its financial report plans to further increase its holdings, while also considering "acquiring other similar cryptocurrencies." Trump Media realized a gain of $15.3 million from its Bitcoin options investments, and recorded an unrealized gain of $33 million from holding more than 746 million Cronos.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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