According to the U.S. ethics oversight organization, Democratic lawmakers, and cryptocurrency analysts, Trump-related entities have profited at least $300 million in transaction fees since January through meme coins and other digital tokens.
This article is based on Josh Meyer’s piece “How much money did Trump make in first 100 days? Crypto deals raise questions,” compiled, translated, and rewritten by BitpushNews.
(Background: Trump was dubbed “the most self-serving president in history”: Two crypto dinners in May required a $1.5 million seat.)
(Context: New York Times long-form: Digging up the Trump family’s “crypto blood money plan.”)
U.S. President Donald Trump was asked on his second day in office whether he would continue to profit from personal business activities, following the launch of his “Trump Meme Coin” ($TRUMP), which saw a market value soar to $20 billion.
“I don’t know much about it, I just know it’s mine. I heard it’s doing quite well,” Trump responded. “I haven’t looked into it. What’s it worth now?”
“You’ve made a lot of money, sir,” a reporter pressed, “It seems like there have been billions in the past few days.”
“Billions? That’s just small change for these guys,” Trump pointed to a group of tech billionaires at the White House event.
Trump has never clearly stated whether he would cease profiting from his presidential role—historians note that nearly all former U.S. presidents have pledged to avoid such behavior.
Large Profits Raise Questions
According to the U.S. ethics oversight organization, Democratic lawmakers, and cryptocurrency analysts, Trump-related entities have profited at least $300 million in transaction fees since January through investments in two cryptocurrencies, including meme coins. Analysts point out that greater potential profits come from shares of meme coins and other Trump-themed cryptocurrency investments held by Trump entities.
Last week, another cryptocurrency project linked to the Trump family, “World Liberty Financial,” announced that its issued digital tokens were used by an Abu Dhabi investment company to inject $2 billion into Binance. Democratic lawmakers and analysts have claimed that this transaction presents a conflict of interest, potentially generating at least $27 million annually for “World Liberty Financial.”
Meanwhile, the Trump administration has relaxed regulations on the cryptocurrency industry and disbanded a Justice Department division aimed at combating crypto fraud.
Cryptocurrency is not Trump’s only source of income since returning to the White House. Experts say the president also profits from real estate, his Truth Social platform, and a variety of branded merchandise.
Fred Wertheimer of the nonprofit accountability organization Democracy 21 stated, “Finding an exact figure now is extremely difficult, if not impossible. I think this is not coincidental.”
Wertheimer added, “The president has long boasted about how many billions he has, but as president, that situation is different. He hasn’t hidden all business activities, but he surely hasn’t reported what’s happening.”
Senate Launches Investigation
The Democratic chief member of the Senate Permanent Subcommittee on Investigations, Senator Richard Blumenthal, told USA Today that he is investigating Trump’s profits during his presidency.
The cryptocurrency business—including a digital meme coin celebrating Trump’s escape from a dark SHA attempt in July 2024—will be a key focus of Blumenthal’s inquiry. He stated that Trump “makes money through transactions, as transactions generate fees, and also makes money through promoting or enticing sales leading to token price increases.”
Blumenthal, a former Connecticut Attorney General, remarked, “Whether it’s tens of millions or hundreds of millions of dollars, it needs investigation to confirm, but the shamelessness and absurdity of this behavior could threaten national security.”
He expressed particular concern that the opacity of cryptocurrency transactions makes it nearly impossible to determine how much Trump profits—and who might seek influence by purchasing Trump tokens.
He stated this could pose a national security threat, allowing foreign governments to enrich Trump without the public’s knowledge—and gain his favor.
The White House spokesperson denied this, claiming the president has no conflict of interest since his assets are controlled by his children. A spokesperson for the Trump family-controlled cryptocurrency company World Liberty Financial told USA Today that the company “has nothing to do with politics.”
Sneakers, Bibles—and Digital Currency
Compared to his first term, Trump has further subverted the norms that restrict a Commander-in-Chief from profiting from their position.
In addition to meme coins and other cryptocurrencies, Trump and his business partners have promoted dozens of branded merchandise, including Trump sneakers and Bibles signed by Trump himself.
According to Cryptopolitan and other cryptocurrency trackers, Trump has also fully invested in digital art, specifically non-fungible tokens (NFTs), selling “Trump Bitcoin digital trading cards,” including over 100 new collectibles to be released in January 2025.
Private Private Dinner for $TRUMP Investors
On April 23, one of the numerous private companies linked to Trump and his family raised the stakes by offering “the world’s most exclusive invitation” to existing and new buyers of $TRUMP meme coins.
According to the U.S. Securities and Exchange Commission (SEC), meme coins are a type of crypto asset inspired by internet memes, characters, or trends, “where the promoters attempt to attract enthusiastic online communities to buy and trade the meme coins.”
The SEC states, “In this regard, meme coins are similar to collectibles.” “Meme coins typically have limited or no functionality.”
The $TRUMP meme coin is marketed as “the only official Trump meme, produced by President Donald J. Trump.”
However, its disclaimer’s “fine print” warns that the coin “is intended as an expression of support and participation in the ideals and beliefs embodied by the $TRUMP symbol,” and “is not intended to serve as, or become, any form of investment opportunity, investment contract, or security.”
The disclaimer states that the Trump group’s affiliated company CIC Digital LLC and a company named Fight Fight Fight LLC jointly own 80% of the $TRUMP meme coin.
The $TRUMP meme coin’s official website announcement states that the first 220 investors will win a “private private dinner” with the president on May 22 at Trump’s Northern Virginia golf club.
The first 25 Trump meme coin investors were promised an “ultra VIP experience, including a private reception with the president and a White House tour.”
According to Finance Magnates and other crypto trackers, the $TRUMP meme coin surged up to 80%, increasing its value by over $100 million.
According to Chainalysis spokesperson Jorah Huntington, data shows that just days after the dinner announcement, Trump and related entities profited $1.3 million in transaction fees, bringing total earnings to over $320 million.
Donald Sherman, executive director and chief legal counsel of Citizens for Responsibility and Ethics in Washington (CREW), stated, “This is one of the most brazen and shocking cases of selling presidential power access I’ve ever seen.”
White House Declines to Comment: “No Conflict of Interest”
The White House and Trump Group did not respond to a series of questions seeking comments on the Trump meme coin and other investments.
Attorney William Burke also did not respond. He was hired in January to strengthen the Trump Group’s ethical standards but was recently fired, following reports that he also represented Harvard University in its legal battles with the Trump administration.
White House spokesperson: Trump’s assets held in trust by his children
White House spokesperson Anna Kelly told USA Today: “The President’s assets are held in trust by his children. There is no conflict of interest.”
Kelly referred to Trump Organization’s announcement in January that Trump, after entering the White House, would transfer the daily management of his billions of dollars in real estate, hotels, golf courses, media, and licensing businesses to his children.
However, according to USA Today interviews and reports from congressional Democrats and watchdog organizations, Trump’s current arrangements are more susceptible to abuse compared to his first term, during which countries like Saudi Arabia paid his company millions of dollars.
Presidents historically promise not to profit during their term
Historically, presidents have promised not to profit during their term to ensure that policy decisions are made in the interest of the country—not personal gain, thereby gaining trust.
Washington government oversight project### Danielle Brian said, “That’s no longer the case. President Trump has made it clear that he will make as much money as possible while in office because he is president—he is very upfront about that.”
Democratic Senator Adam Schiff questions Trump’s crypto business
California Democratic Senator and former federal prosecutor Adam Schiff is one of several Democratic senators urging the Office of Government Ethics to investigate Trump’s crypto business, including whether his establishment of a strategic Bitcoin reserve in March improperly benefited his investments.
Schiff said in a video released on X, “Donald Trump made a lot of money, and the only losers are the American people.”
Regarding his self-proclaimed title as the “Crypto President,” $TRUMP is just a part of his larger empire, which also includes meme coins launched for First Lady Melania Trump, with initial values reaching billions of dollars.
In another business move, the Trump family quietly took control of World Liberty Financial in January, a crypto company that raised $550 million through the sale of its digital currency $WLFI. Reuters reported in March that, with terms favorable to insiders, the Trump family obtained the vast majority of this funding.
According to the company’s website and Reuters reports, the Trump family now has the right to 75% of the net sales revenue of World Liberty Financial tokens, 60% of the operating revenue, and about $400 million in transaction fees.
WLF Responds: “Completely unrelated to politics”
World Liberty Financial spokesperson David Waxman told USA Today that he could not comment on how much money Trump and his family made from this business.
He stated that allegations of conflicts of interest or corruption are “extreme, top-tier exaggerations, completely incorrect and false.” Waxman described World Liberty as a “non-political organization. We have nothing to do with politics.”
Trump’s personal stake in the company (whose motto is “Inspired by Donald J. Trump”) is unclear.
When calling for an investigation, Schiff mentioned crypto entrepreneur Justin Sun injecting $75 million into World Liberty Financial.
Justin Sun faces civil fraud case
Justin Sun has faced a civil fraud case brought by the U.S. Securities and Exchange Commission involving celebrities like Lindsay Lohan, Jake Paul, and rapper Soulja Boy.
Schiff said in his video, “You won’t be surprised to learn that the fraud case against Justin Sun has now been shelved by the Trump administration. The American people now cannot know if this administration is acting on behalf of the American people or on behalf of Donald Trump’s economic interests.”
Sun’s lawyer William Shulman did not respond to requests for comment via phone and email.
As of May 1, Sun, estimated to have invested $14 million, ranks high on the investor list of $TRUMP meme coins website and is eligible to attend a private dinner with Trump.
In recent months, World Liberty has also ventured into other businesses.
On May 1, World Liberty co-founder Zach Witkoff announced that its “USD1 stablecoin” was being used as the “official stablecoin” for a $2 billion investment in the world’s largest crypto exchange Binance by an Abu Dhabi company. (A stablecoin is a type of cryptocurrency whose value is anchored to another asset, such as the U.S. dollar.)
Witkoff said they are “excited” about this new deal. Witkoff is the son of Trump’s chief diplomatic envoy, close friend, and billionaire developer Steve Witkoff.
According to CoinMarketCap data, as of April 30, the total value of USD1 tokens reached approximately $2.1 billion, making it one of the fastest-growing stablecoins globally. Reuters reported, adding that “the primary holders’ identities remain unclear.”
Witkoff stated that World Liberty now also has business dealings with Justin Sun. Sun attended a crypto conference in Dubai with Witkoff and Eric Trump on May 1.
Golf properties and Saudi Arabia
Brian, Witkoff, and others stated that with Trump’s White House financial disclosure forms not due to be submitted to the Office of Government Ethics until mid-May, it is currently unknown how much money Trump has earned from various sources.
According to a CREW report, during his first term, foreign governments spent millions at Trump’s hotels and golf courses, earning his business up to $160 million from overseas.
Public Citizen’s Rick Claypool asked, “But in that case, at least you were staying in a hotel room. What’s the value when you put $5 million into these Trump meme coins, other than putting money in the president’s pocket?”
Trump sold his hotel in Washington. However, he still profits from foreign expenditures at his golf properties. Saudi Arabia’s LIV Golf Tour has held seven events at Trump courses, despite Trump pressuring the more established PGA Tour to merge with LIV—an action favorable to Saudi Arabia.
The PGA Tour rejected LIV’s latest multi-billion dollar offer in early April.
“But hopefully we’ll merge the two tours,” Trump told reporters on Air Force One. “You have the PGA Tour and the LIV Golf Tour. I think merging them would be a good thing.”
Despite Truth Social company reporting losses, Trump’s share value on the platform sharply increased during his presidency. On April 2, the company filed documents with the securities regulator allowing Trump’s trust to sell around $2.3 billion in stock.
Controversy over “Pay-to-Play President”
Last month, during the White House Correspondents’ Association dinner, Little Donald Trump hosted a launch party for his “Executive Branch” private club, with membership fees exceeding $500,000.
Politico cited sources familiar with the project, saying its aim is to “cater to business and tech giants looking to cultivate relationships with the Trump administration.”
On April 30, Senator Chris Murphy displayed a large chart in the Senate condemning Trump’s “first hundred days of corruption in office,” calling “TRUMP coin the biggest scandal in U.S. presidential history.”
As the mid-May deadline for financial disclosures approaches, the controversy surrounding the president’s business interests will continue to escalate. The White House insists all actions are legal, but watchdog organizations stress that Trump has broken the historical tradition of “presidents not profiting personally from policy decisions.”
“Trump has made it clear that he intends to maximize profits using his presidential status,” concluded government oversight project### Danielle Brian, “and he is not shy about it.”
This article was translated from USA Today by Josh Meyer.