Dive Brief:
- Trump Media & Technology Group CFO Phillip Juhan was one of several executives to sell shares in the Truth Social owner shortly after the company reported earnings for its second quarter, according to a Thursday securities filing. The company, which reported earnings on Monday, suffered losses associated waning prices for cryptocurrencies.
- The CFO offloaded 18,817 shares, valued at about $156,670, according to the filing with the Securities and Exchange Commission. Other executives who sold stock in the business include Chief Technology Officer Vladimir Novachki and Kevin McGurn, who has served as interim CEO since April, according to company filings.
- The sales occurred shortly after the social media operator reported widening losses for its most recent quarter, the bulk of which are related to slumping crypto prices as well as a contraction in its digital asset holdings.
Dive Insight:
President Donald Trump owns a 52% stake in the Sarasota, Florida-based Trump Media & Technology Group through a trust operated by his son Donald Trump Jr., according to the company’s most recent proxy statement.
The Truth Social parent reported a $238 million net loss for its second quarter, attributing the majority of that figure to non-cash losses associated with digital assets, digital assets pledged and equity securities, according to its earnings results published Aug. 10.
Trump Media has bet big on cryptocurrencies in recent years, announcing partnerships with digital asset companies such as Crypto.com and raising billions to build up a reserve of bitcoin, according to reports.
Following a spike last year, however, the valuations of certain cryptocurrencies have slumped from their 2025 highs: Bitcoin, for example, is currently valued at approximately $63,000 per token, a 47% slump year-over-year, according to a tracker by Coinbase.
The “crypto winter” that took place during the first half of 2026 has shaved off millions in the value of the assets Trump Media owns, according to company filings.
The company has holdings in both bitcoin and the digital currency Cronos, which is offered by Crypto.com, according to Coinbase. As of the end of its second quarter on June 30, the business held about 9,477 units of bitcoin at a fair value of about $557 million, according to its most recent 10-K filed with the SEC. This compares to the 9,542 bitcoin units Trump Media held as of Dec. 31 of 2025, which had a fair value of $836 million.
Meanwhile, while its holdings for Cronos remained relatively stable at about 756 million units, the currency saw a sharp drop in value to about $40 million by the end of Q2 — compared to the nearly $68 million in fair value at the end of last year, per the filing.
Only days before releasing its earnings, Trump Media announced several moves intended to realign its crypto strategy, including its partnership with Cronos operator Crypto.com. The company on Aug. 7 announced it was terminating its business combination with Crypto.com and Yorkville Acquisition, citing both prevailing market conditions and “shifting business and stakeholder priorities,” according to the release.
In a separate Aug. 7 announcement, Trump Media also noted plans to “realign” its partnership with Crypto.com, with the companies pivoting from directly integrating Crypto.com’s prediction market tools into Truth Social. Rather, the service will be marketed to the social media platform’s user base, according to the announcement.
“As incoming chief executive, part of my job is to take a fresh look at everything on our plate and ask whether it's the best use of our capital and our team's time,” McGurn said of the decisions during the company’s earnings call, noting they represent the “nimble posture we intend to bring to capital allocation moving forward.”
Juhan has served as Trump Media’s CFO since 2021, according to the company’s most recent proxy statement filed last year. His total compensation for 2024 was $14 million, composed of an annual base salary of $390,250, a $600,000 bonus, and approximately $8 million in stock awards, according to the proxy.
