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Trump Media buys $112 million of bitcoin and pledges 73% to options

Trump Media bought 1,510 bitcoin worth about $112 million in the third quarter. It pledged 73% of its holdings to an options program before a $1 billion note deadline on Nov. 30.

Illustration: A phone lies on a wet dark desk at night, its screen glowing plain orange with a simple round coin shape, cyan and magenta light reflecting around it.
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Trump Media & Technology Group, the parent of the Truth Social platform, bought 1,510 bitcoin in the third quarter. The purchase was valued at about $112 million. The company's holdings now total roughly 15,649 bitcoin, based on its quarterly filing.

The company has pledged 11,385 of those bitcoin, about 73%, to an options program. Options are contracts that give a party the right, but not the duty, to buy or sell at an agreed price. The party on the other side of this arrangement can reuse the coins. The remaining coins back nearly all of $1 billion in notes, which holders can require the company to repay on Nov. 30.

Bitcoin$68,940down −17.05%over 1 month
$84,082$68,94314 Oct13 Nov

Prices by CoinGecko. Past moves say nothing about future ones.

The company earned $409.7 million in the third quarter, after a $238.1 million loss in the second quarter. Gains on its crypto and equity holdings drove most of the swing. Its quarterly earnings therefore move with the prices of those holdings.

Its day-to-day operations still lost money. Excluding a $378.1 million digital-asset gain, which the quarterly filing books within operating results, the operating loss was $23.6 million. Revenue came to $3.0 million.

Some crypto analysts see similarities between bitcoin's recent price action and its recovery in 2023. Bitcoin is trying to recover from its latest drop. Analysts are asking whether more corporate buying could help buyers regain control of the market.

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