The second quarter results laid bare the cost of the experiment. TMTG posted a net loss of $238.1 million, with $190.4 million of that coming from unrealized markdowns on digital assets and equity securities. Revenue for the quarter was $1.7 million, up 89% year over year but negligible against the loss. The company's market capitalization sits around $2.35 billion.
Meanwhile, Rumble reported Q2 revenue of $40.37 million, a 60.9% year-over-year increase driven by its Quake AI infrastructure business, which operates 22,000 Hopper-generation GPUs and secured a multiyear $270 million contract with Together AI. Rumble's market capitalization was approximately $2.98 billion.
TMTG is now pivoting toward monetizing Truth Social, including a Truth API service that charges $60,000 to $100,000 per month for early access to posts. About 10 groups have signed up, implying less than $12 million in annual revenue. Truth Social had 261,000 daily active users in July. Bitcoin traded near $63,466 on Monday, up 0.65% but still roughly 50% below its October 2025 peak.
The contrast raises a pointed question: can a social media platform with minimal revenue and a shrinking user base justify a multi-billion dollar valuation once the crypto treasury narrative is removed?
Sources: Source 1 · Source 2 · Source 3 · Source 4 · Source 5 · Source 6
