Trump Media & Technology Group could face up to $1 billion in bond repayments on November 30, 2026, the Financial Times reports. That could force the Truth Social owner to borrow on costly terms or sell assets, including bitcoin. Management would rather keep the coins. Source Source
The convertible bonds helped finance Trump Media’s bitcoin-treasury strategy. They let holders exchange debt for company shares, but FT reported a share price of $4.64, down more than 60% for the year and far below the $34.72 conversion price. Source
FT says that gap gives holders little incentive to retain the bonds rather than seek cash repayment at face value. The conversion math is not doing Trump Media any favors. Source
A big balance sheet also isn’t the same thing as cash ready to spend. According to FT, Trump Media had almost $2.5 billion in assets, many of which might not be immediately available to pay bondholders. At the end of the third quarter, about $395 million was readily accessible in cash, cash-like holdings or other short-term investments. Its cryptocurrency investments were valued at around $1.36 billion at that point. Source
“Our current thinking is using a mix of cash and credit to repay the notes,” interim CEO Kevin McGurn told investors on an earnings call, according to FT. “We want to preserve as much of our bitcoin as possible.” Trump Media declined to comment to FT. Source
According to FT’s account of Trump Media’s latest quarterly filing, the company could refinance some or all of the notes, but borrowing could carry unfavorable terms and high interest rates—and might not be available. The filing warned that failure to secure funding could force bitcoin sales or other measures. Source
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