Trump Media pledges 73% of its bitcoin to options program, filing shows

Collateral the counterparty can reuse

And the pledged coins are about 73% of the roughly 15,649 bitcoin the Truth Social parent held as of 30 September 2026, according to the filing and the company's earnings call.

The filing calls the arrangement the company's bitcoin yield management program. Under it, Trump Media posts bitcoin as collateral that the counterparty can rehypothecate at its sole discretion, the filing says. Rehypothecation means the counterparty may lend out or otherwise reuse the coins.

The pledged bitcoin carried a fair value of $951.4 million at the end of the quarter. The 10-Q does not name the counterparty.

A second bucket, and a note deadline

A further 4,260.73 bitcoin, worth $356.1 million on 30 September, sits as collateral for the company's convertible notes. Those coins cannot be withdrawn or distributed until the conditions in the indenture are met, according to the filing.

Together the two buckets come to about 15,646 bitcoin, nearly all of the company's holdings. The filing was made about three weeks before holders of $1 billion in convertible notes can demand cash, according to Bitcoin Magazine.

Trump Media also held 7 million shares of BlackRock's IBIT, Chief Financial Officer Phillip Juhan said on the earnings call on 9 November. IBIT is an exchange-traded fund that holds bitcoin.

What the filing does not say

The 10-Q does not identify the counterparty in the options program, and it does not state the terms on which the pledged coins could be returned or sold.

The report does not say whether noteholders have signalled that they will ask for cash when the window opens.