Trump Media and Technology Group (TMTG) has disclosed a loss of $54.8 million in its third quarter, despite holding $1.3 billion in Bitcoin as part of its ongoing investment strategy. This marks an increase from the previous year’s loss of $19.3 million during the same quarter.

The earnings report, released on Friday, revealed that TMTG’s revenues fell to $972,900, down from over $1 million last year. The company’s stock price dropped 1.73% to $13.10 at the close of trading on Friday, though it showed a slight recovery afterward, rising to $13.20 in after-hours trading.

As of September 30, TMTG holds 11,542 Bitcoin and aims to expand its cryptocurrency portfolio further, mentioning plans to invest in additional digital currencies.

Bitcoin Holdings Generate Income

TMTG generated about $15.3 million in realized income from its Bitcoin options and registered $33 million in unrealized gains from its holdings of 746 million Cronos, associated with the Cronos blockchain, which is currently valued at approximately $0.18.

In a statement,

“The third quarter was crucial to Trump Media’s expansion plans,” stated Devin Nunes. “We’ve secured our financial future with a massive Bitcoin treasury.”

Strategic Acquisition Plans

In August, TMTG entered a partnership with Crypto.com to create a digital asset treasury company aimed at procuring up to $1 billion worth of Cronos, reflecting a significant increase in token acquisition plans.

Meanwhile, TMTG’s financial assets surged to $3.1 billion as of September 30, up from $274 million in March. Nevertheless, the company’s stock has seen a 61% decline year-to-date.

This situation presents both challenges and opportunities for TMTG as it navigates the competitive crypto landscape.