The company touts its first positive cash flow and a $2 billion bitcoin trove as it vows to expand through M&A and help advance an ‘America‑First agenda.’
Trump Media and Technology Group, the parent company of Truth Social, said on Aug. 1 it ended the second quarter with $3.1 billion in financial assets and posted its first quarter of positive operating cash flow as the company ramps up its cryptocurrency strategy.
The company, which went public last year, reported cash flow from operations of $2.3 million for the quarter ended June 30, according to a Securities and Exchange Commission (SEC) filing disclosed Friday.
Trump Media also revealed that it has built one of the largest bitcoin treasuries of any public firm, holding about $2 billion in bitcoin and related securities following a $2.4 billion private placement in July backed by roughly 50 institutional investors, per a press release.
“In a very short time, Trump Media has reopened the Internet for free speech, created an uncancellable social media platform and video streaming platform, expanded both platforms worldwide, amassed one of the biggest Bitcoin treasuries of any public company, and now, we have our first quarter of positive operating cash flow—despite having gone public just last year,” Trump Media CEO Devin Nunes said in a statement.
Revenue rose 6 percent from a year earlier to $900,000, while the company posted a net loss of $20 million, driven largely by $20.5 million in non‑cash expenses and $15 million in legal costs related to its protracted merger with a special‑purpose acquisition company (SPAC). That SPAC merger—one of the longest of its kind—triggered extensive litigation as Trump Media sought to recoup damages from individuals it accuses of wrongfully delaying the deal.
The second quarter followed a period of rapid product and geographic expansion. In July, the company rolled out Truth+ globally, bringing streaming content and channels such as Newsmax to international audiences. It also launched a customized Truth Social app for iPad in July to improve user experience on Apple tablets. Earlier that month, Trump Media filed with the SEC to register the Truth Social Crypto Blue Chip ETF, a planned fund that would hold Bitcoin, Ether, Solana, Cronos, and Ripple, pending regulatory approval.
By Tom Ozimek
