Trump Media's quarterly loss widens to $238 million from $20 million a year earlier

Company signs over 10 customer agreements for licensed data feed launched on August 1, says continues to add partners

Trump Media & Technology Group, founded by United States President Donald Trump and known for its Truth Social platform, reported a wider second-quarter ​loss, largely due to unrealised losses tied to its cryptocurrency ‌assets.

Its second-quarter net loss jumped to $238.1 million from about $20 million a year earlier, the company said in a statement.

Digital assets, including cryptocurrencies, came under pressure during ​the April-to-June quarter as investors shunned riskier assets amid uncertainty ​over US interest rates, geopolitical tensions and persistent outflows from ⁠crypto investment products.

Read: Trump’s never-ending troubles

The results come as Trump Media seeks to ​generate new revenue from Truth API, a licensed data feed that will give ​banks and trading firms "the fastest" access to posts from influential Truth Social accounts, such as President Donald Trump's, whose posts often move global markets.

Trump Media has discussed ​charging as much as $100,000 a month for the Truth API product, Reuters and other media outlets have reported.

The company said on Monday it had signed ‌more ⁠than 10 customer agreements for the feed that launched on August 1, adding that it was continuing to add partners. "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.

Read More: Trump promoted companies on Truth Social days after buying their stocks: CNN report

The company posted $1.7 million in revenue in the quarter ended June, compared ​with $0.9 million in the same period last year.

McGurn added ​that ⁠the company was making progress toward its proposed merger with fusion energy developer TAE Technologies, an ambitious bet on the power boom spurred by artificial ⁠intelligence ​data centres that adds to the Trump ​family's growing roster of diverse ventures from cryptocurrency to real estate holdings and mobile services.