Trump Media’s 14,139 Bitcoin stash faces options exposure and a looming $1 billion debt test
Trump Media reported a steep crypto-driven setback in Q2, with a $238.1 million quarterly loss and $644 million lost in the first half of 2026, including $360.6 million tied to digital assets as Bitcoin and Cronos declined. At the same time, it expanded its Bitcoin treasury to 14,139 BTC, worth about $890.5 million on July 31, after selling Bitcoin-related securities and buying more BTC directly. The company is also using some Bitcoin in yield and options strategies, including 2,077.34 BTC pledged for covered calls and other third-party arrangements that may involve rehypothecation, margin liquidation risk, or unsecured exposure. Another 4,260.73 BTC is tied up as collateral for convertible notes, which face a holder liquidity option on Nov. 30. Its CRO position has fallen about 64% below cost and becomes partially saleable starting Aug. 26.
