big number
6,338.07. That’s how much of Trump Media’s bitcoin—more than two-thirds of its roughly 9,477 bitcoin—is tied up: 4,260.73 bitcoin are being used as collateral backing $1 billion of debt, and 2,077.34 bitcoin are pledged as part of the firm’s bitcoin options strategy.
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key background
Trump Media raised $1 billion in convertible notes, a form of debt that can be converted into company stock, as part of its strategy to build a bitcoin treasury. The strategy heightened Trump Media’s sensitivity to bitcoin price swings. The company recorded nearly $361 million in realized and unrealized digital asset losses through the first half of 2026. Shares of Trump Media stumbled to a two-week low following its earnings report this week, and the social media platform has reportedly faced a 36% decline in monthly visitors from a year ago.
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tangent
Two media organizations sued President Donald Trump on Wednesday over Truth Social’s plan to sell faster access to his social media posts in a program called “Truth API.” The Intercept Media and nonprofit Freedom of the Press Foundation alleged the president “stands to gain financially” by giving government information to those who are “willing and able to pay his personal company” in a practice they called “extraordinary, corrupt and unconstitutional.” Trump Media CEO Kevin McGurn said during the firm’s earnings call that more than 10 companies had reached agreements for Truth API, “generally in the range of $60,000 to $100,000 a month.”
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further reading
ForbesTrump Media Tanks 8% To 2-Week Low As Company Reports Latest LossesBy Antonio Pequeño IV