Trump Media Logs $406M Q1 Loss as Bitcoin Holdings Markdowns Crush Balance Sheet

Trump Media & Technology Group reported a staggering $405.9 million Q1 2026 net loss, primarily from markdowns on its Bitcoin holdings despite just $900K revenue, underscoring corporate risks of heavy crypto exposure. The story evolved from Eric Trump's $90M wealth surge to $280M via American Bitcoin on May 2, amid family fortune scrutiny at $6.5B (33% crypto), a defamation lawsuit against a backer on May 4, Eric's rebuke of JPMorgan's BTC pivot at Consensus on May 6, and American Bitcoin's $45.2M Q1 loss on May 7 despite $81K BTC prices, $68K mining costs, 28% hashrate drop to 7.2 EH/s, yet strong prior 53% Q4 margins, 1,654 BTC mined in 2025, and 6,000 BTC treasury.