Last summer, Trump Media & Technology Group (DJT -0.36%) — the social media company majority-owned by President Donald Trump — made headlines when it announced plans to transform itself into a Bitcoin (BTC +1.07%) treasury company. Trump Media now holds 12,062 Bitcoins, worth nearly $755 million at today’s prices, so it followed through on its promise.
However, that Bitcoin position is currently deep under water. Trump Media recently reported a $190 million paper loss on its crypto holdings, due largely to the fact that the price of Bitcoin has been in decline for more than 10 months now. As a result, Trump Media will pivot away from Bitcoin and back into its core business of media and advertising.
