Trump Media & Technology Group (TMTG) is in active discussions to spin off its Truth Social platform into a separate, publicly traded company. The plan involves creating a new entity, referred to as "SpinCo," which would subsequently merge with the special purpose acquisition company (SPAC) Texas Ventures Acquisition III Corp. Shares of SpinCo would be distributed to existing TMTG shareholders prior to the closing of TMTG's previously announced, multi-billion dollar merger with nuclear fusion startup TAE Technologies.
The companies have stressed that talks are ongoing and no definitive agreement has been reached. Any final deal would require board approvals, regulatory clearance, and shareholder consent.
The potential corporate restructuring comes as TMTG reported a staggering net loss of $712.3 million for 2025, a significant increase from a $400.9 million loss in 2024. The company attributed the widening loss primarily to unrealized losses on its cryptocurrency holdings, which include Bitcoin and Cronos (CRO). Despite these paper losses, TMTG's aggressive crypto strategy has ballooned its balance sheet. The company ended 2025 with approximately $2.5 billion in financial assets, more than triple the $776.8 million held at the end of 2024.
TMTG's crypto expansion has been executed through its fintech brand, Truth.Fi. The company built a substantial Bitcoin treasury, holding over 11,500 BTC as of late September 2025. Furthermore, it has filed multiple applications with U.S. regulators for cryptocurrency exchange-traded funds (ETFs) under the Truth Social brand, including funds for Bitcoin (BTC), Ether (ETH), and a separate Cronos (CRO) ETF with a staking component. The Cronos ETF initiative is tied to a partnership with Crypto.com. The company also established a CRO treasury in collaboration with Crypto.com and Yorkville Acquisition.
The broader strategic vision involves separating the media business (Truth Social, Truth+, Truth.Fi) from the energy venture. Following the spin-off, TAE Technologies' fusion energy assets, along with certain other TMTG holdings, would remain within the current public company. TMTG believes this "pure play" structure will create greater shareholder value by allowing each entity to focus on its distinct operational strategy.