Trump Media Jumps 9% as Crypto Gains Drive $410 Million Q3 Profit; Rumble Falls 3%, Meta Holds Steady

Market Movers desk. Editor: David Moadel.

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A swing to profit driven by Bitcoin (CRYPTO:BTC) is lifting Trump Media & Technology Group (NASDAQ:DJT) stock after the Truth Social parent reported its third-quarter results. Trump Media stock is at $4.43 this morning, up 9%. Even with the bounce, Trump Media stock is down 45% over the past month, after a slide that pushed the shares to a new low earlier in November.

The results, which the company disclosed after the close on November 9, show a profit built mostly on non-cash investment gains. Underneath that headline, Trump Media’s Truth API data licensing product is starting to generate recurring subscription revenue, and its core operating loss decreased.

Bitcoin Gains Power Trump Media’s Q3 Profit

For Q3 2026, Trump Media posted net income of $409.75 million, compared with a net loss of $54.85 million a year earlier. That swing came from $496.1 million in non-cash realized and unrealized gains on digital assets and equity securities, partly offset by a derivatives loss and interest expense. Management tied the digital asset gain largely to the rise in Bitcoin during the quarter, meaning the profit reflects investment gains on the company’s treasury. Stripping out those gains, Trump Media’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) loss decreased to $12.34 million from $29.06 million.

Quarterly revenue at Trump Media rose to $3 million, led by $1.8 million in new subscription revenue from Truth API, which launched August 1, and Truth+. Trump Media’s legal fees fell to $2.4 million from $20.3 million a year earlier after the company resolved its remaining legacy legal matters in July. CEO Kevin McGurn said, “We’ve remained committed to capitalizing on our business fundamentals, and that focus is paying off. Revenue grew 205% year-over-year on recurring subscription revenue, our cost structure is inherently leaner, and our balance sheet gives us real flexibility.”

Rumble and Meta Move Apart From Trump Media

Alternative-media peers aren’t joining the rebound. Rumble (NASDAQ:RUM) stock is at $4.92, down 3%. The video platform, whose parent now operates as RUM Group, has shifted toward artificial intelligence (AI) cloud computing since closing its Northern Data acquisition on June 17.

Meta Platforms (NASDAQ:META | META Price Prediction) stock is at $643.23, up 0.3%. The social media giant reported its own Q3 results on October 21, when its revenue rose 26.1% to $64.6 billion. With Rumble lower and Meta Platforms up only slightly, Trump Media’s gain traces to its own report.

The broader background is a drag for crypto-linked names. Expectations for a Federal Reserve rate hike climbed after hotter-than-expected October consumer price index (CPI) report, weighing on crypto prices and speculative stocks. Bitcoin is lower over the past day, which makes Trump Media’s rebound stand out given how closely its profit tracks the cryptocurrency.

How Truth Social’s Model Differs From Rumble and Meta

Trump Media pairs a small social platform with a large Bitcoin treasury, so its reported earnings can swing sharply with crypto prices. The company’s newer revenue lines come from licensing Truth Social data through Truth API, the Truth+ streaming service and fees from Truth.Fi exchange-traded funds (ETFs).

Rumble now leans on Quake AI, a graphics processing unit (GPU) cloud business that management calls the financial engine of the company, alongside its video site. Meta Platforms funds its AI push from a dominant advertising business spanning Facebook, Instagram, WhatsApp and Messenger, and that scale gives it far more ways to monetize users than either alternative platform has.

TAE Merger Vote Sets Up Trump Media’s Next Chapter

Trump Media shareholders will vote on the company’s merger with fusion energy developer TAE Technologies at a special meeting on December 14. Regulators at the Securities and Exchange Commission (SEC) declared the deal’s registration statement effective on November 5, and the company targets completion in Q4 2026. In October, TAE drew the remaining $100 million available under its convertible note with Trump Media.

The bullish case rests on growing Truth API subscriptions, sharply lower legal costs and a deal offering exposure to fusion power. On the risk side, Trump Media’s earnings rise and fall with digital asset values, the merger still needs shareholder and regulatory approval, and TAE’s fusion technology remains in development.

Beyond the vote, watch for further Truth API subscription traction when Trump Media reports its next quarter Investors may want to research how the TAE merger vote could shape the company’s outlook before making any moves in the market.

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David Moadel is financial writer specializing in stocks, ETFs, options, precious metals, and Bitcoin. David has written well over 1,000 articles for leading online publications, helping investors understand markets, income strategies, and risk. His work has appeared in 24/7 Wall St., The Motley Fool, InvestorPlace, U.S. News & World Report, TipRanks, ValueWalk, Benzinga, Market Realist, MarketScreener, TalkMarkets, Finmasters, and others. With a master’s degree in education, David has taught at the elementary, high school, and college levels. That teaching background shapes his writing style: clear, educational, and practical. David has also built a loyal social-media audience by providing trustworthy financial content on YouTube, X/Twitter, and StockTwits.