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Trump Media Group (TMTG) Q1 financial report is out, with a net loss of $405.9 million, of which $368.7 million comes from unrealized losses on digital assets.
Translate: Their crypto treasury's cost basis is $1.24 billion, now valued at $820 million, with an unrealized loss of over $400 million.
Even more interesting are the details — 9,542 BTC, purchased at an average price of $118.5k. Q1 $BTC dropped 22%, and this cost basis suggests they were mostly adding to their position near all-time highs.
When the "$BTC treasury strategy" shifts from MicroStrategy's faith narrative to massive impairments in quarterly reports, how much tolerance does the market still have for this approach? After all, not every company has Saylor's patience and financing capability.