Crypto

So much Trump-related news has appeared lately on the airwaves and in web pixels — what with Iran and Epstein and Minnesota and so on — that inevitably a nugget will fall between the cracks.

That seems to have been the fate of the most recent annual financial report of Trump Media and Technology Group, which covered calendar year 2025 and was issued Friday.

Trump Media, which is 52% owned by Donald Trump and trades on Nasdaq with a ticker symbol based on his initials (DJT), is the holding company for Trump’s social media platform, Truth Social.

The annual financial disclosure has garnered minimal press coverage. That’s a pity, because it makes fascinating reading, though not in a good way.

Here are the top and bottom lines from the 10-k annual report: Trump Media lost $712.1 million last year on revenue of about $3.7 million. That’s quite a bit worse than its performance in 2024, when it lost $409 million on revenue of about $3.6 million. The company attributed most of the flood of red ink to “loss from investments,” of which more in a moment.

Truth Social isn’t an especially strong keystone of this operation. The platform is chiefly an outlet for Trump’s social media ramblings and the occasional official White House statements. But no one has to sign in to Truth Social to see them — they’re almost invariably picked up by the news media or reposted by users on other platforms such as X.

That might explain Truth Social’s relatively scrawny user base. The platform is estimated to have about 2 million active users, according to the analytical firm Search Logistics. By comparison, X has about 450 million monthly active users and Facebook has more than 2.9 billion.

It’s no mystery, then, why TMTG disdains “traditional performance metrics like average revenue per user, ad impressions and pricing, or active user accounts, including monthly and daily active users,” according to its annual report.

Relying on those metrics, which are used to judge TMTG’s social media rivals, “might not align with the best interests of TMTG or its stockholders, as it could lead to short-term decision-making at the expense of long-term innovation and value creation.”

Instead, the company says it should be evaluated based on “its commitment to a robust business plan that includes introducing innovative features, new products, new technologies.” But it also acknowledges that, at its heart, TMTG is a proxy for “the reputation and popularity of President Donald J. Trump.” The company warns that “the value of TMTG’s brand may diminish if the popularity of President Donald J. Trump were to suffer.”

How has that played out in real time? Trump Media notched its highest closing price as a public company, $66.22, on March 27, 2024, the day after its initial public offering. In midday trading Monday, the shares were quoted at $11.08, for a loss of 83% since the IPO.

One can’t quibble with stock market price quotes; nor can one finagle annual profit and loss statements, at least not without receiving questions, and perhaps lawsuit complaints, from attentive investors and the Securities and Exchange Commission.

In recent months, TMTG has engaged in a number of baroque financial transactions.

In May, the company announced that it was planning to raise $3.5 billion from institutions to invest in bitcoin, with the money to come from issues of common and preferred shares. The goal was to climb onto the cryptocurrency train, which Trump himself was fueling by, among other things, issuing an executive order promoting the expansion of crypto in the U.S. and denigrating enforcement efforts by the Biden administration as reflecting a “war on cryptocurrency.”

Under Trump, federal regulators have dropped numerous investigations related to cryptocurrencies. Trump has also talked about creating a government crypto strategic reserve, which would entail large government purchases of bitcoin and other cryptocurrencies; a March 3 announcement on that subject briefly sent bitcoin prices soaring by nearly 20%, though they promptly fell back.

Then there’s TMTG’s relationship with Crypto.com, a Singapore-based crypto “service provider” best known to Angelenos unfamiliar with the crypto world as the firm with naming rights to the Los Angeles arena that hosts the NBA Lakers and Clippers, WNBA Sparks and NHL Kings.

In August, Crypto.com and TMTG announced a deal in which TMTG would pursue a crypto treasury strategy consisting mostly of Cronos tokens, a cryptocurrency sponsored by Crypto.com. The initial infusion would consist of 6.4 billion Cronos valued at $1 billion, or about 15.8 cents per Cronos.

As of Dec. 31, TMTG said in its 10-K, it owned 756.1 million Cronos, acquired at a cost of about $114 million, or 15 cents each. By year’s end, they were worth only about nine cents each, for a paper loss of about $46 million. In trading this week, Cronos was quoted at about 7.6 cents, producing a paper loss for TMTG of about $56.5 million, or roughly half the investment.

The financial maneuvering involved in this trade is a little dizzying. The initial transaction was a 50% stock, 50% cash trade in which Crypto.com bought $50 million in TMTG stock and TMTG bought $105 million in Cronos. Who gained in this deal? It’s almost impossible to say.

Crypto.com did gain, if not purely in cash, then arguably through the Trump administration’s good graces.

On March 27, the SEC formally closed an investigation of the company that it had launched during the Biden administration, when the agency was headed by a known crypto skeptic, Gary Gensler. Trump appointed a crypto-friendly regulator, Paul Atkins, as Gensler’s successor.

It’s reasonable to note that as a business model, crypto treasuries have been in vogue over the last year or so, allowing investors to play the crypto market without all the complexities of actually buying and holding the digital assets by buying shares in treasury companies.

I asked Crypto.com whether the steady decline in Cronos’ price suggested that the hookup with TMTG wasn’t bearing fruit. “The fluctuation in value during this time period is consistent with the entire crypto market, which is typical in a bear market,” company spokeswoman Victoria Davis told me by email.

Davis also asserted that the SEC’s investigation of the company had been closed by Gensler, “not the current administration” (i.e., Trump). That’s misleading, at best. Gensler put the investigation on hold after the 2024 election, when it became clear that Trump was going to be in charge.

Crypto.com’s March 27 announcement of the formal end of the case attributed the action to “the current SEC leadership” and blamed the case on “the previous administration.” I asked Davis to explain the discrepancy but got no reply.

TMTG, like Crypto.com, attributed the decline in Cronos’ value to the secular bear market raging in the entire cryptocurrency space, a reflection of “temporary price swings across the crypto market,” said TMTG spokeswoman Shannon Devine. She said the price decline “will not diminish our enthusiasm for the enormous potential of the [CRONOS] ecosystem.”

Trump’s coziness with crypto companies hasn’t gone unnoticed by Democrats on the House Judiciary Committee, who issued a scathing report on the topic in November. (The White House scoffed at the report, saying in response to the report that Trump “only acts in the best interests of the American public.”)

In mid-December, TMTG launched yet another remaking — this time, plunging into the business of fusion power. The instrument is TAE Technologies, a Foothill Ranch-based company working to develop the technology of nuclear fusion as a clean energy source. According to a Dec. 18 announcement, TMTG and TAE will merge, creating what they say is a $6-billion company.

According to the announcement, TMTG will contribute $200 million to the merged company when the deal closes in mid-2026, and an additional $100 million subsequently. Following the merger, TMTG said last month, it will consider spinning off Truth Social into a new publicly traded company.

These arrangements are murky. TAE is privately held and the value of Truth Social is conjectural at best, so TMTG shareholders could be hard-pressed to assess their gains or losses from the merger and spin-off.

What makes them even murkier is the speculative nature of fusion as an electrical power source. Although numerous companies have leaped into the field — and TAE, which has been backed by Alphabet, the parent of Google, is among the oldest — none has shown the capability of generating electrical power at commercial scale with the elusive technology.

Although some researchers say that fusion could become a technically and economically feasible power source within 10 years, only in 2022 did fusion researchers (at Lawrence Livermore National Laboratory) achieve the goal of using fusion to produce more energy than is required to sustain a reaction. They were able to do so only for less than a billionth of a second.

Others working on the technology have expressed doubts that fusion could become a viable power source before the 2040s. The technical challenges, including how to convert the energy produced by a fusion reactor into electricity, remain daunting.

All this points to the fundamental question of what TMTG is supposed to be. TMTG’s original mission, according to its own publicity statements, was to build Truth Social into an alternative social media platform “to end Big Tech’s assault on free speech by opening up the Internet.”

Spinning off Truth Social would place that goal on the side. TMTG is on its way too becoming a hodgepodge of crypto, fusion and other investments selected without regard to whether they fit together or are even achievable. The only constant is Trump himself.

If you want to invest in him, TMTG may be the best way to do it. But judging from its latest financial disclosure, that’s not the same as being a good way to do it.

Luka Doncic was diagnosed with a strained left hamstring and listed as out for the Lakers’ game against the Golden State Warriors on Saturday at Crypto.com Arena.

The Lakers have not indicated a timetable for Doncic’s return.

Doncic was injured late in the second quarter of the Lakers’ win over the Philadelphia 76ers on Thursday night. He threw a pass to Maxi Kleber that was a turnover, turned to run back on defense and immediately grabbed his left hamstring.

Doncic went up and down the court a couple of times but was unable to play any longer. The Lakers called a timeout, and Doncic headed to the locker room and did not return.

After the game, Doncic was limping down the hallway. Coach JJ Redick said Doncic would undergo an MRI exam Friday.

Doncic leads the NBA in scoring (33.4) and is second in assists (8.7). He’s missed eight of the Lakers’ 42 games because of injuries and the birth of his daughter, and they’re 4-4 without him.

“We need him,” guard Austin Reaves said after the game. “He’s our best player and the engine of a lot of the stuff that we do. Yeah, so, hopefully we get good news.”

Crypto markets came under pressure this week when the price of the world’s most popular cryptocurrency, Bitcoin, tumbled to its lowest level in more than a year.

On Thursday afternoon, the price of Bitcoin fell below $66,000 and was hovering at about $62,900 on Friday morning.

The fall in the price of the digital asset kicked off in the last weekend of January, when it fell below $80,000.

In October last year, Bitcoin hit an all-time peak of more than $127,000 before falling back to about $90,000 in December.

Following its latest tumble, Bitcoin is currently down by about 30 percent more since the start of the year.

Here’s what we know about what’s going on in the world of cryptocurrency:

Why is the price of Bitcoin falling?

Volatility in other markets is one of the main drivers.

Analysts say a sell-off of global stocks amid geopolitical uncertainty and recent volatility in the price of gold and silver are part of the reason for the drastic fall in the price of Bitcoin.

“Institutional demand has reversed materially,” CryptoQuant, an organisation which provides analysis of global markets to cryptocurrency investors, wrote in a report on Wednesday.

The report noted that US exchange-traded funds (ETFs) – a form of pooled investment – which had been buying up Bitcoin last year, are selling it this year.

Deutsche Bank analysts wrote in a note to clients this week that these ETFs “have seen billions of dollars flow out each month since the October 2025 downturn”, referring to investors in the funds cashing out of them.

Furthermore, they added that specialised US spot Bitcoin ETFs suffered outflows of more than $3bn in January this year, following outflows of about $7bn and $2bn in November and December 2025, respectively.

“This steady selling in our view signals that traditional investors are losing interest, and overall pessimism about crypto is growing,” the analysts said.

Adam Morgan McCarthy, product specialist at Kaiko, an organisation that provides crypto market data and analyses, told Al Jazeera: “The fall in Bitcoin prices has been largely tied to less interest in the markets and lower trading volumes. This leads to less liquidity, so any move higher or lower is exacerbated.”

He explained that the crypto market relies heavily on “hype-driven” cycles where people buy due to a fear of “missing out” on an opportunity.

“This hype forms the foundation of trading volumes, and that is what we mean by liquidity. Essentially, more trading volumes mean more liquidity, as it makes it easier to quickly buy and sell Bitcoin,” he said.

“Right now, that foundation is disappearing and this tends to happen during bear markets or ‘crypto winters’, making it much harder to effectively trade assets, and they become even less appealing then. So it’s quite a vicious circle that leads to these downward spirals,” he added.

A “crypto winter” is an extended period of declining or stagnant prices, something that can be driven by worsening macroeconomic conditions or tightening market regulations, among other reasons.

Volatility in gold and silver prices in the past two weeks has also dampened market sentiment, affecting the price of cryptocurrencies. Analysts say geopolitical instability and the prospects of a rising US dollar have led investors to sell precious metals, resulting in the sudden downturn.

Then, last week, prices came back sharply, with the price of gold hitting a record peak of almost $5,595 an ounce, while silver hit an all-time high of nearly $122.

But this peak did not last long, and this week, the prices of these precious commodities plunged – again – with gold falling to $4,872.83 per ounce on Thursday and silver falling to $77.36 an ounce.

Other cryptocurrencies like Ether, the second-largest cryptocurrency, have also fallen. The price of Ether has fallen by 19 percent this week, closing at $1,854 late on Thursday.

Does this mean ‘crypto-friendly’ policies in the US aren’t working?

The price of Bitcoin soared after United States President Donald Trump’s return to the White House last year, with analysts expecting he would adopt a “crypto-friendly” regulatory regime.

At a Bitcoin conference in July 2024, as part of his pre-election rally, Trump had said the US is the “crypto capital of the planet” and pledged to also create a Bitcoin “strategic reserve” if he became president.

In March 2025, on taking office, Trump announced his government would create a national strategic crypto reserve which would include five cryptocurrencies – Bitcoin and Ether as well as smaller currencies XRP, Cardano and Solana.

In July last year, Trump also announced the GENIUS Act, a new cryptocurrency legislation that would establish regulations and consumer protections for “stablecoin”, a type of cryptocurrency whose value is linked to a fixed currency or commodity.

Then, last month, the US also unveiled draft legislation that would create a regulatory framework for cryptocurrency, which, if signed into law, would clarify financial regulators’ jurisdiction over the cryptocurrency sector.

The US president has a personal interest as his family owns the cryptofirm World Liberty Financial (WLFI).

Last March, WLFI launched its own “stablecoin” – a dollar-pegged cryptocoin backed by US treasuries – called USD1.

But the president’s personal interest in cryptocurrencies and supportive policies have not shielded the digital asset from external market factors.

Have we seen ‘crypto winters’ before?

Yes.

A crypto winter was triggered after Bitcoin peaked in December 2017 and then tumbled in December 2018 due to intense regulatory crackdowns in the US, Canada and other countries, among other reasons.

Another such winter occurred in November 2022 after a peak in October 2021, due to the FTX currency exchange scandal. In November that year, crypto exchange FTX initiated US bankruptcy proceedings after a liquidity crisis prompted intervention from regulators around the world.

In a Thursday briefing note, analysts at Kaiko said the downward trend in prices “truly accelerated” after Trump appointed Kevin Warsh as the new Federal Reserve Chair.

Warsh will replace Jeremy Powell, who Trump has lambasted for not lowering interest rates.

The Kaiko briefing note stated: “Powell’s recent announcement on January 28th that interest rates would remain unchanged, combined with the appointment of the new Chairman, constituted a true turning point, acting as a catalyst for a sharp acceleration of the decline. The reaction was all the more pronounced given that the crypto market, particularly sensitive to changes in the macroeconomic regime, was already weakened,” the report said.

What will happen next?

Hougan noted that crypto winters typically last for about 13 months and assured investors that the current “winter” will not last for long.

“As a veteran of multiple crypto winters, I can tell you that the end of those crypto winters feels a lot like now: Despair, desperation, and malaise. But there is nothing about the current market pullback that’s changed anything fundamental about crypto,” he said in his report.

“I think we’re going to come roaring back sooner rather than later. Heck, it’s been winter since January 2025. Spring is surely coming soon,” he added.

The world’s most popular cryptocurrency has lost about one-third of its value since the start of the year.

Bitcoin has fallen sharply, racking up more losses after a tumultuous week for the world’s most popular cryptocurrency.

The digital currency was down nearly 14 percent on Friday morning, hovering at about $62,900 as of 01:00 GMT.

The slide continues a run of steep losses that kicked off last weekend, when the digital currency fell below $80,000.

After the latest tumble, Bitcoin, which is famed for its dramatic price swings, is down about one-third in value since the start of the year.

Bitcoin soared after United States President Donald Trump’s re-election raised expectations that Washington would adopt a crypto-friendly regulatory regime after years of crackdowns, with the digital currency hitting $100,000 for the first time in December 2024.

But the digital asset has largely been on a downward spiral since October, when it hit an all-time peak of more than $127,000, amid geopolitical and regulatory uncertainty.

A Trump-backed bill to regulate the trade of digital assets has stalled in the US Senate amid divisions between banks and cryptocurrency firms.

The Trump family’s cryptocurrency firm, World Liberty Financial, has also come under scrutiny in the US Congress after The Wall Street Journal newspaper reported that representatives of an Abu Dhabi official had signed a deal to invest $500m for a major stake in the venture.

Bitcoin’s latest tumble comes amid a heavy sell-off in global stocks and commodities.

Wall Street’s benchmark S&P 500 dropped 1.2 percent on Wednesday, while the tech-focused Nasdaq Composite fell about 1.6 percent.

Shares of tech giant Amazon plunged more than 11 percent in after-hours trading after its plans to invest $200bn in artificial intelligence-related infrastructure stoked fears of a tech bubble.

In the Asia Pacific, South Korea’s KOSPI plunged about 5 percent in early morning trading, while Australia’s ASX 200 and Japan’s Nikkei 225 were down more than 1 percent and 1.6 percent, respectively.

Precious metals, which have been on a volatile ride after racking up huge gains in 2025, also continued their recent streak of losses.

Gold was down more than 4 percent on Thursday, trading at about $4,720 an ounce.

Silver, which has seen even more dramatic price swings, fell as much as 18.5 percent, trading at about $69.

The world’s most popular cryptocurrency has fallen nearly 20 percent in value since the start of 2026.

Bitcoin has dropped below $71,000, adding to a week of losses that have wiped out all of its gains since United States President Donald Trump’s re-election in 2024.

The world’s most popular cryptocurrency fell more than 7 percent on Thursday, continuing a steep downward slide that began in mid-January.

Bitcoin, which is famed for its wild price swings, was trading at about $70,900 as of 04:30 GMT.

The latest slide takes the value of the digital asset down by nearly 20 percent since the start of the year.

Bitcoin hit $100,000 for the first time in December 2024 and breached that level again in February and May 2025. But the asset has largely been on a downward trajectory since October, when it hit an all-time high of more than $127,000.

Bitcoin and other digital currencies racked up explosive gains after President Trump’s re-election raised expectations of Washington adopting a light touch to regulating digital assets after years of regulatory crackdowns.

Trump had pledged to turn the US into the world’s cryptocurrency capital during his re-election campaign, and launched his own crypto firm, World Liberty Financial, along with his sons, before winning the vote.

Shortly after taking office, Trump announced the establishment of a strategic crypto reserve that would include Bitcoin and four other cryptocurrencies.

But a Trump-backed bill to regulate the trading of cryptocurrency has stalled in the US Senate amid disagreement between banks and cryptocurrency firms, casting doubt over the industry.

US Democratic Party lawmaker Ro Khanna said on Wednesday that he would investigate World Liberty Financial after The Wall Street Journal newspaper reported that representatives of an Abu Dhabi official signed a $500m deal to buy a 49 percent stake in Trump’s fledgling cryptocurrency venture.

Equities and commodities markets also saw losses on Thursday, with silver dropping as much as 16 percent and benchmark stock indexes in Hong Kong and Japan down about 1.3 percent and 0.7 percent, respectively.