Trump Media and Technology Group ended July with 14,139 Bitcoin worth $890.5 million, a 22 percent increase from its June 30 position, after selling $159.6 million in Bitcoin-related securities to acquire additional BTC directly.
The surge reflects Trump Media’s strategy to consolidate its treasury collateral ahead of a critical liquidity test. On November 30, 2026, holders of the company’s $1 billion convertible senior secured notes can demand cash repayment at 100 percent of principal plus accrued interest. The notes mature in May 2028.
Trump Media pledged 4,260.73 BTC as collateral for the convertible notes, supported by $250.5 million in equity securities and $30.7 million in restricted cash as of June 30. An additional 2,077.34 BTC is pledged to a counterparty for an options strategy. That counterparty can rehypothecate the collateral, meaning it can use the Bitcoin as collateral for its own borrowing.
Derivative Positions and Counterparty Arrangements
Trump Media held covered-call options referencing 1,445 BTC and covered puts referencing 170 BTC at quarter-end. The calls carried strike prices between $62,000 and $76,000, while puts ranged from $55,000 to $59,000. Those contracts matured in July.
The company has placed an undisclosed portion of its Bitcoin in lending and yield-generation arrangements with third parties. Some counterparties can liquidate pledged Bitcoin without prior notice if margin requirements are missed. Trump Media warned that counterparty insolvency could leave deployed Bitcoin caught in bankruptcy proceedings, citing FTX as an example of contagion risk in crypto lending.
Trump Media realized $18.3 million in derivative gains during the first six months of 2026 and recorded $37.5 million in unrealized gains. Digital assets and pledged digital assets generated a $360.6 million loss for the period.
CRO Holdings and Restriction Timeline
Trump Media holds 756.1 million CRO tokens acquired under an August 2025 purchase agreement with three-year restrictions. The position has a cost basis of $113.9 million but a fair value of $40.6 million, representing a 64 percent decline from cost.
The first restriction eases on August 26, 2026, allowing Trump Media to sell 68.4 million CRO over the following six months. All CRO restrictions lapse in August 2029.
Trump Media, Crypto.com, and Yorkville Acquisition mutually terminated their proposed Trump Media Group CRO Strategy transaction last week. The termination removes a potential path for monetizing the CRO position ahead of the November liquidity test.
Financial Losses and Broader Context
Trump Media reported a $238.1 million loss in the second quarter and a $644 million loss during the first half of 2026, compared to a $20 million loss in the second quarter of 2025. The digital asset portfolio accounted for $360.6 million of first-half losses.
The November 30 liquidity option creates a near-term funding pressure. If noteholders exercise the repurchase right, Trump Media would need to raise or deploy sufficient cash to cover the obligation. The company’s current Bitcoin holdings and collateral arrangements will be tested against that deadline.
