Trump Media posts $20 million loss in Q2

On the 3rd (local time), The Block, a cryptocurrency-focused media outlet, reported that Trump Media & Technology Group (TMTG), where Donald Trump is the major shareholder, recorded a net loss of $20 million (approximately ₩27.2 billion) in the second quarter. Of this, roughly $15 million was identified as legal costs related to the 2024 SPAC (Special Purpose Acquisition Company) merger.

Currently, the company is taking legal action, alleging misconduct against the SPAC sponsor and two Truth Social co-founders for delays in the merger.

After the earnings release on the 1st, TMTG's stock price dropped 3.8% on the Nasdaq, bringing its market capitalization to about $4.7 billion. As of the end of Q2, the company held assets worth $3.1 billion, and in July alone it purchased about $2 billion worth of Bitcoin (BTC), making it the fifth-largest Bitcoin holder among listed companies.

In addition, TMTG disclosed a new compensation program, the 'Patriot Package,' in a report filed with the U.S. Securities and Exchange Commission (SEC). The program provides subscribers with 'Gems', which can later be converted into utility tokens for use on Truth Social and streaming service Truth+. Initially, the token will be used for Truth+ subscription payments, and there are plans to gradually expand its use throughout the entire 'Truth ecosystem.'

However, it was not specified whether this token is blockchain-based.

Meanwhile, the SEC has postponed its decision on TMTG's digital asset ETF launch review to September 18.