Trump Media & Technology Group (DJT) has overtaken Tesla in bitcoin holdings, but posted a second-quarter loss of $238 million.

Cryptopolitan, a blockchain outlet, reported on Aug. 11 that the loss widened by more than 10 times from a year earlier. The main reason was valuation losses caused by a drop in cryptocurrency prices.

Based on Bitcoin Treasuries data, Trump Media held about 12,062 bitcoin as of Aug. 11. That narrowly surpassed Tesla, which has kept 11,509 bitcoin for years. Trump Media ranked 12th among listed companies by bitcoin holdings.

The company’s disclosed holdings differ from the external tally. Trump Media stated in its 10-Q that it held 14,139 bitcoin as of July 31. That figure also included bitcoin it committed under agreements with third parties.

Bitcoin Treasuries excluded 2,077 bitcoin from its calculation. The company disclosed the coins were provided as collateral for a covered options strategy, and that the counterparty could reuse the bitcoin and the bitcoin premium at its discretion.

Weak results also tie to the accounting treatment of its bitcoin holdings. The company must mark assets to market even if it does not sell them. Trump Media also posted a $406 million loss in the first quarter due to a drop in bitcoin prices. Bitcoin had topped $126,000 in October 2025 before sliding below $70,000 in 2026.

Revenue, however, rose. Trump Media’s second-quarter revenue was $1.7 million, up 89 percent from a year earlier. Total assets were about $2 billion at quarter-end, including about $1.9 billion in financial assets such as cash, short-term investments and digital assets. Bitcoin and bitcoin-related assets totaled about $1.2 billion. The company also has $1 billion of convertible bonds maturing in 2028.

The company’s Truth API, launched to diversify revenue, has also drawn attention. Interim Chief Executive Kevin McGahn (케빈 맥건) said in the earnings release that the service provides key Truth Social posts to institutional investors first. Monthly fees run $60,000 to $100,000 (about 85 million won to 141 million won). Since its early August launch, the number of subscribing clients has exceeded 10, and most were reported to be high-frequency trading firms.

Legal and ethical controversy has also been raised around the service. Kathleen Clark (캐슬린 클라크), a government ethics expert at the University of Washington School of Law, said, "This is tantamount to selling the privilege of access to presidential information." McGahn countered that providing real-time public data for a fee through a commercial API is an established practice in the technology and financial information industries.

The company’s business strategy has also shifted. McGahn said the company reviewed possible moves into online betting and the cryptocurrency market over the past year, but will now refocus on its social media business. Trump Media has accordingly withdrawn plans pursued with Crypto.com to introduce a prediction-market function within Truth Social.

The company will proceed as planned with its merger with fusion firm TAE Technologies. McGahn said he expects the deal to be completed by year-end. As expanded bitcoin holdings, worsening results and a business overhaul unfold at the same time, how Trump Media adjusts its asset management and revenue structure is expected to be a key point to watch.