FT · 2026-11-14 13:00 UTC

Trump Media group stares down $1bn debt crunch as bitcoin bet fades

Trump Media & Technology Group faces a November 30 deadline to repay up to $1bn in convertible bonds sold last May to fund its bitcoin treasury. TMTG shares are down more than 60% this year to $4.64, leaving noteholders with conversion prices far out of the money, so they are likely to demand cash repayment. The company may have to sell crypto holdings, worth about $1.36bn at end of Q3, or take costly new borrowing; it reported a $234mn loss for the nine months to September.

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