Trump Media Q1 Loss Widens on Crypto Markdowns

Trump Media & Technology Group reported a significant first-quarter net loss of $405.9 million, a stark increase from $31.7 million in the prior year. This widened loss was primarily attributed to substantial unrealized losses on its cryptocurrency holdings, amounting to $244 million, alongside an additional $108.2 million investment loss. The company's substantial Bitcoin and Cronos token holdings, valued at hundreds of millions, experienced significant markdowns impacting its financial results. Despite the loss, revenue saw a modest increase, and operational cash flow was bolstered by strategic sales of put options.