In its latest submission to the United States Securities and Exchange Commission (SEC), the Trump media added a risk alert that had not previously appeared. The company disclosed that a portion of the bitcoin had been handed over to third parties to operate in order to generate additional income, which exposed the assets to the risk of default on the loan and on the counterparty.
More than two-thirds of the bitcoin has been occupied.
The documents show that the Trump media currently hold approximately 9477 bitcoin, of which 6338.07 have been bound in different arrangements, representing more than two thirds of the total hold.
- 4260.73 bitcoin was used as collateral for $1 billion in debt.
- 2077.34 Bitcoin pledged to company Bitcoin options strategy Medium
This means that the company is free to move bitcoin on a smaller scale than the book hold. As more assets are used as collateral, pledge or proceeds arrangements, the sensitivity of companies to price fluctuations and counterparty stability increases.
File roll-calls FTX and other bankruptcy cases
Companies disclosed that third parties responsible for hosting or operating these Bitcoins did not necessarily have a mature credit rating system and could also continue to lend or re-locate the related assets to other agencies. Once the counterparty is in default or subject to insolvency proceedings, the company may face losses and there is no guarantee from government insurance.
The document also explicitly refers to FTX, Celsius, Voyager and BlockFi as warning cases of risk spillovers from the encryption industry. The Trump media indicated that if third parties holding their Bitcoin were insolvent, those encrypted assets could be included in the estate and the company might eventually receive little or no recovery.
Adjustments in the presentation of options income
The document also adjusted the description of the company ' s TT ' s options. Compared with the expression “immediate cash payments” in the first quarter of the document, the second quarter document was changed to read that the company would receive the relevant income in cash or bitcoin upon completion of the transaction.
This change indicates that the company ' s settlement of the Bitcoin proceeds arrangement has been adjusted, which also means that part of the proceeds may not necessarily be transferred directly to cash but may remain in the encrypted asset exposure.
Digital asset losses for the first half of the year were approximately $361 million
The Trump media had previously financed $1 billion through convertible instruments to advance its Bitcoin Treasury strategy. Convertible instruments are debt instruments that can be converted into corporate shares under certain conditions.
With the expansion of the Bitcoin configuration, corporate performance was more directly responsive to currency fluctuations. The document shows that, in the first half of 2026, company-recognized and unrecognized digital asset losses totalled close to $361 million. After the release of the newspaper, the price of the Trump media stock fell to a two-week low.
Additional information:It was also mentioned that the Truth Social parent company had recently been prosecuted by two media outlets for the “Truth API” project, but that the dispute was not at the heart of the Bitcoin risk disclosure.