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NEW YORK: Trump Media & Technology Group, the company behind US President Donald Trump’s Truth Social platform, reported a sharply wider quarterly loss as falling cryptocurrency values weighed heavily on its finances. The company said its net loss for the second quarter reached $238.1 million, compared with a loss of about $20 million during the same period a year earlier. The steep increase was largely linked to unrealised losses on digital assets held by the company, highlighting the financial risks of its growing exposure to cryptocurrencies. The results come at a time when digital assets faced renewed pressure from investors. During the April-to-June quarter, uncertainty over US interest rates, geopolitical tensions and continued outflows from crypto investment products pushed many investors away from riskier assets. Despite the large loss, Trump Media reported an increase in revenue. Revenue for the quarter ended in June rose to $1.7 million, compared with $900,000 during the same period last year. The company is now attempting to build new sources of income beyond advertising and social media. Truth API enters the market One of its most closely watched projects is Truth API, a licensed data feed launched on August 1. The service is designed to provide banks, trading firms and other financial institutions with rapid access to posts from influential Truth Social accounts. Trump’s posts frequently attract significant attention from investors and can influence financial markets, making access to the data potentially valuable for trading and financial analysis. Trump Media has reportedly discussed charging customers as much as $100,000 per month for the service. The company said it had already signed more than 10 customer agreements for Truth API and was continuing to add partners. “Our new Truth API product is already generating revenue, with more than ten customer agreements signed to date,” interim Chief Executive Kevin McGurn said in a statement. The early agreements offer the company a potentially important new revenue stream as it seeks to reduce its dependence on Truth Social. Bigger ambitions beyond social media Trump Media is also pursuing an ambitious expansion into other industries. McGurn said the company was making progress toward its proposed merger with TAE Technologies, a fusion-energy developer. The planned deal reflects a broader strategy to position Trump Media around emerging technologies and businesses expected to benefit from growing demand for electricity. Fusion energy has attracted increased attention as artificial intelligence data centres consume increasing amounts of power, creating pressure for new energy sources. The company’s expansion adds another unusual chapter to Trump Media’s corporate strategy, which already stretches from social media and cryptocurrency into financial technology and other ventures. Investors watching closely The latest results underline the challenge facing Trump Media as it attempts to turn its high-profile brand into a sustainable business. Truth Social has significant visibility because of Trump’s political influence and his large following on the platform. However, the company’s relatively modest quarterly revenue compared with its substantial loss highlights the difficulty of converting that attention into consistent earnings. The launch of Truth API could provide a new path if financial institutions continue signing up for the service. At the same time, the company’s exposure to cryptocurrency means its financial results could remain sensitive to swings in digital-asset prices. For investors, the latest figures present a mixed picture: Trump Media is expanding its business ambitions and adding new customers, but its losses remain substantial and its strategy carries considerable financial risk.