PANews reported on November 10th that, according to Cointelegraph, Trump Media Technology's Bitcoin holdings are insufficient to support its balance sheet due to rising costs, resulting in a $54.8 million loss in its third-quarter earnings report. The company revealed on Friday that its third-quarter net loss widened from $19.3 million in the same period last year. The company reported revenue of $972,900 for the quarter, down more than $1 million from a year ago. Trump Media's stock closed down 1.73% on Friday at $13.10, before recovering slightly in after-hours trading to $13.20. Trump Media reported that as of September 30, it held 11,542 bitcoins (then valued at $1.3 billion). The company first announced its Bitcoin purchases in late July and disclosed plans to further increase its holdings in its financial reports, while also considering "acquiring other similar cryptocurrencies." Trump Media realized $15.3 million in gains from its Bitcoin options investments and recorded $33 million in unrealized gains from holding over 746 million Cronos.PANews reported on November 10th that, according to Cointelegraph, Trump Media Technology's Bitcoin holdings are insufficient to support its balance sheet due to rising costs, resulting in a $54.8 million loss in its third-quarter earnings report. The company revealed on Friday that its third-quarter net loss widened from $19.3 million in the same period last year. The company reported revenue of $972,900 for the quarter, down more than $1 million from a year ago. Trump Media's stock closed down 1.73% on Friday at $13.10, before recovering slightly in after-hours trading to $13.20. Trump Media reported that as of September 30, it held 11,542 bitcoins (then valued at $1.3 billion). The company first announced its Bitcoin purchases in late July and disclosed plans to further increase its holdings in its financial reports, while also considering "acquiring other similar cryptocurrencies." Trump Media realized $15.3 million in gains from its Bitcoin options investments and recorded $33 million in unrealized gains from holding over 746 million Cronos.
Trump Media reported a $55 million loss in the third quarter, with Bitcoin holdings estimated at approximately $1.3 billion.
PANews reported on November 10th that, according to Cointelegraph, Trump Media Technology's Bitcoin holdings are insufficient to support its balance sheet due to rising costs, resulting in a $54.8 million loss in its third-quarter earnings report. The company revealed on Friday that its third-quarter net loss widened from $19.3 million in the same period last year. The company reported revenue of $972,900 for the quarter, down more than $1 million from a year ago. Trump Media's stock closed down 1.73% on Friday at $13.10, before recovering slightly in after-hours trading to $13.20.
Trump Media reported that as of September 30, it held 11,542 bitcoins (then valued at $1.3 billion). The company first announced its Bitcoin purchases in late July and disclosed plans to further increase its holdings in its financial reports, while also considering "acquiring other similar cryptocurrencies." Trump Media realized $15.3 million in gains from its Bitcoin options investments and recorded $33 million in unrealized gains from holding over 746 million Cronos.
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