Trump Media Reports $409.7 Million Third Quarter Profit

Trump Media Technology Group reported third-quarter net income of $409.7 million, reversing a $238.1 million loss in the second quarter, as gains on digital assets and securities lifted its results. Revenue for the quarter ended September 30 was $3 million, up 205% from about $1 million a year earlier.

The company recorded $496.1 million in combined realized and unrealized gains on digital assets, pledged digital assets and equity securities. Digital assets accounted for $378.1 million of those gains, while equity securities contributed about $118 million. Derivatives losses and other expenses offset part of the increase. Much of the profit reflected changes in asset values rather than cash proceeds from sales.

Bitcoin’s rise during the quarter contributed to the gain. Trump Media reported holding 15,649.14 BTC on September 30, including 11,385.20 BTC pledged under an options strategy intended to generate additional returns. Its Bitcoin balance increased by 4,094.64 BTC from June 30. Compared with a separately reported balance of about 14,139 BTC on July 31, the increase after that date was roughly 1,510 BTC. The company also said it acquired 4,359 BTC during the quarter, partly...