Donald Trump, once a vocal skeptic of cryptocurrencies, emerged this summer as one of the world’s largest bitcoin investors after Trump Media and Technology Group spent $2 billion on the digital asset. Appearing on stage at a bitcoin conference in Las Vegas a day after the purchase became public, Donald Trump Jr. openly celebrated the move, declaring that crypto had become a major pillar of the family’s business strategy.
At the time, bitcoin had surged 57% over the previous year. Trump Jr. predicted further gains of up to 60% in the coming year, while his brother Eric forecast a 55% rise. Just six months later, those projections appear overly optimistic. Since Trump Media acquired its bitcoin holdings in July, the cryptocurrency has fallen by an estimated 12%, suggesting the company bought near the market’s peak.
Bitcoin’s volatility is well known—something Trump himself acknowledged years earlier. In 2019, he dismissed cryptocurrencies as highly unstable and lacking intrinsic value. His stance shifted dramatically by 2024, as crypto funding flowed into the election cycle and Trump embraced the industry publicly, praising crypto innovators as modern-day industrial pioneers.
As bitcoin climbed, Trump Media’s core business struggled. Truth Social, the company’s social media platform, failed to gain meaningful traction against established competitors. While its early 2024 market debut briefly excited meme-stock traders, enthusiasm faded after Elon Musk reinstated Trump on Twitter, weakening the platform’s appeal. Trump Media’s financial losses mounted, and its stock fell 68% from its peak, cutting an estimated $3.3 billion from Trump’s net worth by May.
In an apparent attempt to reignite investor interest, Trump Media announced its bitcoin strategy, giving Trump—who owns about 41% of the company—an indirect crypto exposure worth roughly $830 million. The announcement failed to impress markets. Shares slid 19% over three days, costing Trump another $560 million on paper.
Between early and mid-July, Trump Media accumulated its bitcoin holdings at an estimated price of $115,000 per coin. Initially, the investment appeared stable, but bitcoin has since dropped 17% in the past month. The company’s $2 billion crypto position, which required an additional $76 million to raise capital, is now valued at approximately $1.7 billion. Trump Media shares, weighed down by nearly $1 billion in new debt, fell another 24%, reducing Trump’s personal wealth by roughly $490 million, now estimated at $6.7 billion.
A rebound in bitcoin could still lift both the stock and Trump’s net worth. For now, however, the company is pushing back against criticism. Trump Media, which has previously challenged media coverage of its finances, issued a statement arguing that its bitcoin strategy significantly expanded its assets, citing growth from $274 million at the time of its public listing to more than $3 billion in reported financial assets.
While the bitcoin acquisition did increase Trump Media’s asset base, rising asset values alone do not guarantee higher company valuation. Ultimately, investors—not the press—have judged the company’s worth, which now stands at roughly one-third of its former peak.
