TRUMP MEDIA POSTS $238M LOSS AS CRYPTO HOLDINGS DECLINE

Trump Media and Technology Group reported a net loss of $238m for the second quarter of the year, according to the company's earnings statement released on Monday. The loss represents more than a tenfold increase from the $20m loss recorded during the same period a year earlier. The company attributed the loss primarily to declines in digital assets, with more than $190m of the quarterly loss stemming from falls in cryptocurrency holdings and equity securities.

The group generated $1.7m in quarterly revenue, marking an 89% increase compared with the same quarter the previous year, though it has yet to turn a profit overall. Operating expenses exceeded $165m, roughly 275% higher than the year-ago quarter, according to the company's chief financial officer Phillip Juhan. The company closed the quarter with total assets valued at $2bn, including approximately $1.9bn in financial assets comprising cash, short-term investments and digital currencies.

Trump Media announced it has signed "more than 10 customer agreements" for Truth API, a new service offering faster access to posts from the Truth Social platform to paying subscribers. The company confirmed that clients pay rates between $60,000 and $100,000 monthly, with most customers identified as high-frequency trading firms. Interim chief executive officer Kevin McGurn stated on Monday that shareholders should expect regular quarterly updates on company progress moving forward.