Trump Media & Technology Group (DJT.O), founded by US President Donald Trump and best known for its Truth Social platform, reported a substantially larger second-quarter loss, primarily reflecting unrealized losses on its cryptocurrency holdings.

The company said in a statement that its net loss for the quarter rose to $238.1 million, compared with roughly $20 million a year earlier.

Cryptocurrencies and other digital assets faced a difficult April-to-June period as investors moved away from riskier investments amid uncertainty surrounding US interest rates, geopolitical tensions, and continued withdrawals from crypto investment products.

Truth API aims to create a new revenue stream

The results come as Trump Media works to develop additional revenue through Truth API, a licensed data service designed to provide banks and trading firms with "the fastest" access to posts from prominent Truth Social accounts, including President Donald Trump's. His posts can frequently influence global markets.

Trump Media has considered charging up to $100,000 a month for the Truth API service, according to Reuters and other media reports.

The company said Monday that it had secured more than 10 customer agreements for the feed since its August 1 launch and was continuing to bring additional partners on board.

"Our new Truth API product is already generating revenue, with more than ten customer agreements signed to date," the company's interim CEO, Kevin McGurn, said in a statement.

Source:Websites