Trump Media at -90%, Bitcoin Below $100K Cost Basis — When a Stock Becomes a Crypto Bet
A retail investor reading the headlines last Friday sees two prices that, in a normal market, would have nothing to do with each other. Trump Media (DJT) closed at $8.93 on May 8 — down roughly 91% from its $97.54 all-time high recorded in March 2022. Bitcoin closed near $79,875 the same day, well below its weekly peak above $82,000. The two prices are linked, in this stretch, by a single accounting line item on Trump Media's balance sheet — a corporate Bitcoin treasury of roughly 9,500 BTC, accumulated at an average cost reportedly near $108,519. The line item is now underwater. The Q1 2026 earnings filing released the same day made the size of it explicit: a $405.9 million quarterly net loss, with roughly $368.7 million coming from unrealized losses on digital assets and equity securities. The stock is reflecting it. This post is not about Trump Media as a political object. It is about what happens, mechanically , when a publicly traded company turns its treasury into a crypto p...