Trump Media & Technology Group (TMTG) posted a $405.9 million net loss for the first quarter of 2026, dominated by non-cash losses.

Unrealized losses on digital assets and equity securities reached $368.7 million, almost the entire shortfall. Stock-based compensation added $11.8 million, alongside $11.5 million of accreted interest.

Bitcoin Treasury Drives Paper Losses as Prices Drop

TMTG’s crypto treasury is valued at $821.9 million against a $1.24 billion cost basis, per CoinGecko data. The position is roughly $423.06 million underwater overall.

The treasury contains 9,542 Bitcoin (BTC) worth $767 million, acquired at an average cost of $118,529 per coin. TMTG’s Bitcoin balance dropped by 2,000 BTC in late February,…