Trump Media’s 14,139 Bitcoin stash faces options exposure and a looming $1 billion debt test

Trump Media's second-quarter results have drawn attention for a $238.1 million loss and a Bitcoin treasury that expanded to 14,139 BTC despite the crypto market downturn.According to the SEC filing, the Truth Social parent company lost $644 million during the first half of 2026, including $360.6 million from digital assets and pledged digital assets as Bitcoin and Cronos fell. Of this, its second-quarter loss widened from $20 million a year earlier to $238.1 million.At the same time, Trump Media continued increasing its Bitcoin exposure. The company held 14,139 BTC worth $890.5 million on July 31 after selling $159.6 million of Bitcoin-related securities during the month and using the proceeds to buy Bitcoin directly.That represented a roughly 22% increase from the 11,554.5 BTC reflected across its direct Bitcoin holdings, and Bitcoin pledged for options at June 30.The larger treasury, however, is only one part of Trump Media's crypto strategy. Its latest filing shows the company is also deploying Bitcoin with third parties to earn yield, allowing counterparties to rehypothecate some coins.Meanwhile, Trump Media's separate Cronos (CRO) position has lost nearly two-thirds of its acq...