Trump Media Holds 15,649 BTC as Q3 Purchases Lift Treasury Amid Options Pledge
Trump Media & Technology Group reported holding about 15,649 bitcoin at the end of September after a net addition of 1,510 BTC in the third quarter, according to its November 9 SEC filing. The company also disclosed that 11,385.20 BTC were pledged to an options strategy, while noteholders can demand up to about $1 billion in cash on November 30.
Written by CoinArticle’s AI Newsroom · from 2 cited sources. How we work
Holdings and Valuation
Trump Media & Technology Group held approximately 15,649 bitcoin at September 30, after a net increase of 1,510 BTC during the third quarter, according to its November 9 SEC filing. Chief Financial Officer Phillip Juhan said on Monday's earnings call that the company bought 4,359 BTC in the quarter using proceeds from a partial sale of its iShares Bitcoin Trust (IBIT) holdings. The company also held seven million IBIT shares at quarter end, which sit outside the bitcoin count.
The filing values the bitcoin at about $1.31 billion at September 30, when Bitcoin closed near $83,500. At $74,450 on November 10, the same holdings would be worth roughly $1.17 billion, a figure that excludes the IBIT position.
Cost Basis Disputes
The filing does not establish a single weighted-average purchase price. It reports 6,359.15 BTC acquired in the first nine months of 2026 at prices between about $59,900 and $65,400. Social media estimates place the overall average near $105,000 per coin, which would imply an unrealized loss of roughly $478 million at current prices. That figure rests on an unverified cost basis and is not a loss disclosed in the company's financial statements, so it should be treated as unconfirmed.
The September filing separately breaks out 4,263.94 BTC recorded as digital assets, with a cost basis of $321.3 million and a fair value of $356.3 million.
Options Strategy and Counterparty Exposure
The larger part of the position, 11,385.20 BTC, was pledged under the company's Bitcoin Yield Management Program at quarter end. The company uses covered options and other arrangements with institutional counterparties to earn income from part of its treasury. At September 30 it held covered-call options on 4,838.40 BTC and covered-put options on 1,500 BTC, both with October expirations.
The filing says counterparties may reuse pledged bitcoin as collateral, a practice it calls rehypothecation. That exposes the company to counterparty credit risk, including the possibility that pledged assets cannot be recovered if a counterparty defaults. The SEC filing does not name the counterparties.
Debt Obligations and Earnings
Noteholders can demand up to about $1 billion in cash on November 30, a date that falls close to the period when much of the disclosed bitcoin is committed to the options program. Third-quarter net income was $409.7 million, against a $54.8 million loss a year earlier. The company attributed most of the profit to $496.1 million in net realized and unrealized gains on digital assets, pledged assets and equity securities, partly offset by $54 million in derivatives losses and other expenses. Adjusted EBITDA was negative $12.3 million, and revenue rose 205% to $3 million.
The two sources differ on framing. One emphasizes the November 30 cash demand as the central risk, while the other focuses on the quarterly gains and the holding increase. The reported figures are consistent across both, but the balance between the debt obligation and the options exposure is not resolved by the available filings.
Why It Matters
For Traders
Up to about $1 billion in noteholder cash demands on November 30 and 11,385 BTC committed to options may limit liquidity around that date.
For Investors
The scale of Trump Media's bitcoin treasury and its reliance on options income make its balance sheet a useful test of corporate bitcoin holding strategies.
For Builders
The pledged-collateral reuse described in the filing highlights counterparty and rehypothecation risks that treasury tooling should model explicitly.
This article is for information only and is not financial advice. Read the full disclaimer.
