Trump Media May Have to Sell Bitcoin to Pay a $1B Debt Bill After Losing $234M in Nine Months

Donald Trump's media company may be forced to sell some of its bitcoin to meet up to £752 million ($1 billion) in debt repayment demands due this month.

Trump Media & Technology Group lost about £176 million ($234 million) in the first nine months of 2026, and selling bitcoin could become unavoidable if it cannot secure funding, the FT reported.

The November Repayment Test

Holders of £752 million ($1 billion) in convertible notes Trump Media issued in May 2025 to fund its bitcoin strategy can demand repayment on 30 November, the Financial Times reported.

The company's shares have fallen more than 60 per cent this year to $4.64, far below the notes' conversion price of $34.72. That makes cash repayment more attractive than conversion, though how many holders will demand it is not yet known.

Trump Media's quarterly filing lists about £735 million ($977 million) of convertible notes as a current liability at the end of September, an accounting figure net of issuance discounts, the 10-Q shows.

Selling bitcoin could become unavoidable if the company fails to secure funding, according to the reporting cited by Bloomingbit. The notes do not mature until 2028, but holders can demand repayment on 30 November.

Investors are watching for signs of a sale. Earlier this month, 4,259 bitcoin moved out of wallets labelled '2028 Convertible Notes Collateral' to the Crypto.com exchange in two batches, 24/7 Wall St. reported, citing Arkham data. No sale has been confirmed.

Cash, Collateral and Bitcoin

At the end of the third quarter, Trump Media had about £297 million ($395 million) in cash and short-term investments available for immediate use, according to the FT's reporting. That figure includes short-term investments. Its 10-Q puts cash and cash equivalents alone at about £137 million ($182 million), plus £23 million ($31 million) in restricted cash held as collateral. Cryptocurrency holdings were worth about £1.02 billion ($1.36 billion).

Much of that crypto is tied up in collateral arrangements, including for the convertible notes and a separate bitcoin options strategy. Pledged digital assets were valued at about £716 million ($951 million), against about £306 million ($407 million) unpledged, the filing shows, but that does not mean the entire amount is available to repay creditors: the value of bitcoin can fluctuate, and the company has said it wants to retain as much of its holdings as possible.

The figures therefore indicate a potential funding gap, rather than confirming that a sale is inevitable. The actual amount required would depend on how many holders exercise their repayment rights and what funding the company can secure.

Interim chief executive Kevin McGurn said on the earnings call that the company is considering a mix of cash and borrowing to repay the notes, and wants to keep as much bitcoin as possible, according to the FT's reporting.

A Quarterly Profit, a Nine-Month Loss

The squeeze follows a quarter that looked strong on paper. Trump Media reported net income of £308 million ($409.7 million) for the three months to 30 September, driven largely by gains on its crypto holdings.

Over nine months, however, the company still recorded a net loss of about £176 million ($234.2 million), its filing shows. Quarterly revenue was just £2.3 million ($3 million).

Much of its revenue growth came from subscriptions, including the Truth API, a paid feed of Truth Social posts for which customers reportedly pay between £45,100 ($60,000) and £75,200 ($100,000) a month, NBC News reported.

A forced sale would mark an awkward turn for a company that made bitcoin central to its strategy. It would also test how far crypto gains can cover for a media business that remains small and loss-making.