Crypto gains lift Trump Media to first quarterly profit since listing

Trump Media & Technology reported a net profit of $409.7 million for the three months to September, its first profitable quarter since going public in March 2024. The result was driven by gains in the value of cryptocurrencies held by the company, rather than its small media business.

The company, which owns the Truth Social platform, had recorded a net loss of $54.8 million in the same period a year earlier. Revenue tripled to $3 million, including an additional $1.8 million in subscription income from its media division.

That division includes Truth API, a service that charges customers for faster access to posts by Donald Trump. The company’s report says Trump is its largest shareholder, with a stake of more than 41 per cent; his eldest son manages the stake through a trust.