President Donald Trump's cryptocurrency businesses generated nearly $1.2 billion in revenue last year, according to a federal filing released Tuesday. These ventures, which were nascent when Trump took office, have now surpassed much of his established property portfolio in revenue, fueled by investments from billionaires and Trump's administration's policies affecting the industry.
His World Liberty Financial business reported over $500 million from the sale of new crypto products, including "governance tokens." Additionally, CIC Digital LLC, another crypto business, brought in more than $600 million from sales of "meme" coins featuring Trump's likeness. Both the tokens and coins have experienced significant value declines since their sale.
The disclosure report also indicates that Trump earned millions from selling branded items such as Bibles, sneakers, and watches, with watch sales alone accounting for $4.7 million. The 927-page filing illustrates substantial growth in Trump's wealth since he entered the presidency, largely through business interests that have benefited from his administration's policy decisions. Forbes estimates Trump's net worth at $6 billion, an increase from $2.3 billion in 2024.
Despite Trump's assertion that his sons manage his finances, the arrangement deviates from the conflict of interest protections adopted by previous presidents. The White House has stated that Trump is not involved in business decisions and that no ethical issues exist, asserting that all administration actions are in the best interest of the American people.
International Business and Property Deals
The revenue from Trump's crypto endeavors is notable given his initial campaign focus on his real estate successes. His core property business also saw significant growth, with tens of millions in fees from new hotel, resort, and condo deals overseas, marking the most extensive property expansion in the family business's history. Several of these international deals occurred while countries were engaged in negotiations with the U.S. on matters such as tariffs and military aid.
Properties in the United Arab Emirates generated $10.4 million, while a development in Saudi Arabia brought in $9 million. Deals in Bucharest, Romania, and Qatar each contributed $5 million. Domestically, Mar-a-Lago in Florida saw a 50% increase in revenue, earning $77 million last year as heads of state and business leaders visited the property.
The disclosure report details revenue, not profit, making it impossible to ascertain exact earnings. Trump's administration reversed previous policies viewed as stringent towards the crypto industry, implementing measures considered more favorable. However, regulators had expressed concerns. Before World Liberty began selling its governance tokens, warnings were issued stating that these tokens, unlike stocks, do not represent ownership and offer only voting rights on corporate policies, with their valuation being difficult.
Despite regulatory warnings, buyers, including a Chinese billionaire who reportedly spent $75 million on tokens and $200 million on coins, invested heavily. This billionaire had previously faced a federal lawsuit for allegedly defrauding investors, which was later settled for a $10 million fine. He has denied any connection between his investments in Trump businesses and his legal case, while World Liberty has dismissed any suggestion of a conflict of interest.
Investors in these Trump-linked crypto assets have experienced substantial losses, with World Liberty tokens dropping 80% in value since their September launch. The Trump souvenir coins, which peaked at over $74 shortly after their January 2025 launch, are now trading at $1.68. The Trump Organization has stated that its international deals were with private companies, not governments. However, discerning private dealings in authoritarian or one-party states can be challenging. A new Trump resort in Vietnam, for instance, generated $5 million last year after the country's deputy prime minister approved the deal, reportedly involving the displacement of local farmers. The extent to which these business dealings influenced U.S. policy is difficult to ascertain, though some countries involved did secure favorable outcomes, such as tariff relief for Vietnam, access to advanced U.S. technology for Qatar, and the sale of coveted U.S. fighter jets to Saudi Arabia.