Starting November 30, 2026, holders of Trump Media’s convertible bonds may demand repayment in cash of $1 billion, while the company has only $182 million in cash on hand. Its portfolio of 15,649 BTC offers limited flexibility because 4,261 BTC are pledged against the debt and 11,385 BTC are held in an options program whose counterparty may reuse the assets at its discretion. In the third quarter, Trump Media reported net income of $409.7 million on revenue of just $3 million, primarily due to unrealized accounting gains on digital assets. Management ruled out an equity issuance and plans to use a combination of cash and credit to meet the repayment, putting pressure on a company with limited operating revenue and cryptocurrency holdings down 25% since October 21.
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