Summary
- Trump Media reported a $54.8 million loss in Q3.
- Trump Media holds $1.3 billion in Bitcoin and has announced plans to acquire various virtual assets.
- Total assets have grown significantly, but the stock has fallen 61%.
Donald Trump, the U.S. president, leads Trump Media and Technology Group (Trump Media and Technology Group·TMTG), which recorded a large loss in the third quarter.
On the 9th (local time), Cointelegraph, citing Trump Media's Q3 earnings report, reported that Trump Media posted a $54.8 million loss in Q3, about three times the loss in the same period last year ($19.3 million). Revenue was $972,900, slightly down year-on-year. The large loss was reportedly due to increased expenses.
Meanwhile, Trump Media's Bitcoin (BTC) holdings were estimated at $1.3 billion. Going forward, Trump Media plans to accumulate various virtual assets (cryptocurrencies).
Devin Nunes, CEO of Trump Media, said, "The third quarter was a decisive period in expansion plans," and added, "We secured the financial future with large Bitcoin holdings and expanded the platform."
Meanwhile, in August, Trump Media, in cooperation with crypto exchange Crypto.com and Yorkville Acquisition, is pursuing the purchase of up to $1 billion (about 6.3 trillion units) of Cronos (CRO). Trump Media's total assets increased from $274 million immediately after listing in March to $3.1 billion at the end of September, but the stock closed this year down 61% at $13.10.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
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