Trump Media's quarterly loss widens to $238 million from $20 million a year earlier

Trump Media & Technology Group, founded by U.S. President Donald Trump and known for its Truth Social platform, reported a wider second-quarter ​loss, largely due to unrealized losses tied to its cryptocurrency ‌assets.

Its second-quarter net loss jumped to $238.1 million from about $20 million a year earlier, the company said in a statement.

Digital assets, including cryptocurrencies, came under pressure during ​the April-to-June quarter as investors shunned riskier assets amid uncertainty ​over U.S. interest rates, geopolitical tensions and persistent outflows from ⁠crypto investment products.

The results come as Trump Media seeks to ​generate new revenue from Truth API, a licensed data feed that will give ​banks and trading firms “the fastest” access to posts from influential Truth Social accounts, such as President Donald Trump’s, whose posts often move global markets.

Trump Media has discussed ​charging as much as $100,000 a month for the Truth API product, Reuters ​and other media outlets have reported.

The company said on Monday it had signed ‌more ⁠than 10 customer agreements for the feed that launched on August 1, adding that it was continuing to add partners.

READ MORE: Trump boarded secret Turkey flight via catering truck due to Iran threat – media

“Our new Truth API product is already generating revenue, with more than ten customer agreements signed ​to date,” the ​company’s interim CEO, ⁠Kevin McGurn, said in a statement.

The company posted $1.7 million in revenue in the quarter ended June, compared ​with $0.9 million in the same period last year.

McGurn added ​that ⁠the company was making progress toward its proposed merger with fusion energy developer TAE Technologies, an ambitious bet on the power boom spurred by artificial ⁠intelligence ​data centers that adds to the Trump ​family’s growing roster of diverse ventures from cryptocurrency to real estate holdings and mobile services.