Trump Media (DJT) Considers Truth Social Spinoff as Crypto Losses Widen in 2025

TLDR

• Trump Media is considering spinning off Truth Social into a separate publicly traded company
• The spinoff would involve a merger with Texas Ventures Acquisition III via a blank-check company
• Trump Media reported a $712.3 million net loss in 2025, largely from unrealized crypto losses
• The company holds over 11,500 BTC and has filed multiple crypto ETFs including for Bitcoin, Ether, and Cronos
• Trump Media ended 2025 with $2.5 billion in assets, more than triple the prior year

Trump Media & Technology Group is in talks to spin off its Truth Social platform into a separate publicly traded company. The discussions involve TAE Technologies and Texas Ventures Acquisition III, a blank-check firm.

Under the proposal, the new entity — called SpinCo — would merge with Texas Ventures III. Shares in SpinCo would be distributed to existing Trump Media shareholders.

No definitive agreement has been reached. The company confirmed talks are still ongoing.

The potential spinoff follows Trump Media’s December merger agreement with TAE Technologies, valued at over $6 billion. TAE is a California-based nuclear fusion startup backed by Google and Chevron.

That merger is focused on developing utility-scale fusion power plants, partly to meet electricity demand from AI data centers. A spinoff of Truth Social would separate the media business from the energy venture.

Trump Media reported a net loss of $712.3 million for 2025. That compares to a loss of $400.9 million in 2024.

The wider loss was mostly due to unrealized losses on crypto holdings, including Bitcoin and Cronos. Net sales were nearly flat, edging up from $3.62 million to $3.68 million.

Despite the losses, the company ended 2025 with around $2.5 billion in financial assets. That is more than triple the $776.8 million it held at the end of 2024.

Crypto Push

Trump Media expanded into crypto through its fintech brand Truth.Fi. It built a Bitcoin treasury holding over 11,500 BTC in late September 2025.

The company also filed for several crypto ETFs under the Truth Social brand. These include funds for Bitcoin and Ether, and a separate one for Cronos with staking.

The Cronos ETF is tied to Trump Media’s partnership with Crypto.com. The company also established a CRO treasury alongside Crypto.com and Yorkville Acquisition in September.

Trump Media has filed multiple ETF applications with US regulators. None have been approved yet.

Energy Expansion

TAE Technologies has raised over $1 billion from investors. It focuses on a form of fusion designed to reduce radioactive waste compared to traditional nuclear methods.

The merger with TAE would create a publicly traded company focused on fusion energy. Trump Media sees this as a way to tap investor interest beyond its core media business.

Truth Social was built for conservative audiences but has faced slow user growth. It competes against larger, more established social networks.

The company’s total assets nearly tripled year-over-year despite the net loss. The bulk of that growth came from crypto and related securities purchases made during 2025.

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