Trump Media Profit Hits $410M on Bitcoin, Not Business
Trump Media profit for the third quarter was $409.7 million, and almost none of it came from the business. The Block, Crypto Briefing and Decrypt all report it. The company posted the numbers on Monday, November 9. A year earlier it lost $54.8 million.
Where the Trump Media profit came from
Revenue was about $3.0 million, up 205%. Adjusted EBITDA was still a $12.3 million loss, per the reports. The profit is a mark-to-market gain on crypto. Digital asset gains were $378.1 million. Total realized and unrealized gains were $496.1 million across digital assets, pledged assets and equity securities. A $54.0 million derivative loss took some back.
The reason is price. Bitcoin was about $59,000 on June 30 and about $83,500 on September 30, per the same reports. That is a rise of roughly 42% in one quarter. The gain is on paper. It is not cash.
How many bitcoin Trump Media holds
As of September 30 the company held about 15,649 BTC and seven million shares of BlackRock’s IBIT. Its CFO said on the earnings call that it bought 4,359 BTC in the quarter, funded partly by selling ETF shares, per crypto.news. The same report puts the net increase at 1,510 BTC after other transactions. About 11,385 BTC are pledged to an options-based yield program. That is the company’s own account of its holdings.
Here is the catch. The result swings with bitcoin in both directions. Bitcoin trades near $73,807 today. On our arithmetic, 15,649 BTC at that price is worth about $152 million less than at the September 30 price. That is a rough figure, not a forecast, and it ignores the options program and the IBIT shares. Still, it shows how a profit this size can reverse in a quarter.
Miner math: what a treasury-company profit means for your margin
Here is the live maths on November 10. Bitcoin is $73,807 and the network is 962 EH/s, so hashprice is about $34.78 per petahash per day. That is what one PH/s of hashing earns before power.
| Machine | 5c/kWh | 8c/kWh | 12c/kWh | Break-even |
|---|---|---|---|---|
| Antminer S19 (95 TH/s, 3250 W) | -$0.60 | -$2.94 | -$6.06 | 4.2c |
| Antminer S19k Pro (115 TH/s, 2645 W) | $0.83 | -$1.08 | -$3.62 | 6.3c |
| Antminer S19 XP (141 TH/s, 3010 W) | $1.29 | -$0.88 | -$3.77 | 6.8c |
| Antminer S21 Pro (234 TH/s, 3510 W) | $3.93 | $1.40 | -$1.97 | 9.7c |
Numbers are profit per day after electricity, at the three power prices shown. Break-even is the most you can pay per kilowatt-hour before the machine loses money. Specs are the manufacturer ratings; network data comes from mempool.space. Try your own power price in our free bitcoin mining profit calculator. See what these machines really sold for in our used ASIC miner price index. Want to run the same numbers on a machine you can buy today? See our used ASIC miners, or buy several at once through bulk lots.
If bitcoin falls another 10%: the break-even power price on an S19k Pro falls from 6.3 to 5.7 cents per kilowatt-hour. At 8 cents, daily profit goes from -$1.08 to -$1.48.
The blunt answer for miners
This story does not touch your hashrate or your block reward. The network sits near 962 EH/s per mempool.space. What it shows is who owns the coins. A listed company with 15,000+ BTC can report a record profit on a good quarter. It can also report a loss on a bad one. Miners face the same price risk, plus a power bill.
So do not plan on headlines. Plan on the table above. If your machine loses money at your power price, see our we buy used miners page or the mining economics guides. Our Bitcoin price prediction page has the ranges we expect.
-Nick
ING Mining
This is general information, not financial advice. Crypto is volatile, and exchanges can fail. Please do your own research.
How this story was made: drafted with the help of AI tools from public sources, then edited by Nick Squires. See our editorial policy. Spot an error? Email ns@ingmining.com.