According to Bloomberg, former President Donald Trump and his family have shown interest in various aspects of the cryptocurrency market.
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Their ventures span nonfungible tokens (NFTs), digital collectibles, a decentralized finance initiative, a proposed stablecoin, Bitcoin mining endeavors, and two memecoins—one dedicated to Trump and another to First Lady Melania Trump.
Collectively, these projects are estimated to be nearing $1 billion in unrealized gains, even after recent market fluctuations triggered by the trade war, as calculated by Bloomberg using publicly accessible data.
Trump, already the wealthiest individual to assume the presidency, has substantial investments in real estate apart from his crypto assets. After winning the election in 2016, his legal team established a trust to manage his business interests, overseen by his two eldest sons and Allen Weisselberg, his longtime CFO.
Eric Trump has stated that there are “no conflicts” concerning the family’s crypto investments.
“I don’t coordinate with the White House,” Eric Trump remarked during a Bloomberg TV interview in April. “We have believed in cryptocurrency for a long time.”
Trump’s public attitude towards cryptocurrency has transformed over time; he referred to Bitcoin as a “scam” as recently as 2021, expressing to Fox Business that he disapproved of it as it competes with the dollar, advocating for stringent regulation.
Since then, his association with the crypto industry has changed dramatically. During his campaign, he garnered substantial support from crypto executives and advocates, which benefitted his reelection efforts.
In his second term, Trump has enacted executive orders to fulfill his ambition of positioning the U.S. as the leading hub for cryptocurrency, appointed David Sacks and Bo Hines to advocate for the industry, and continuously promoted his memecoin on Truth Social.
“It appears that Trump and his family are keen to establish a significant presence in the sector ahead of potential regulatory changes that could enhance crypto asset valuations,” noted Eswar Prasad, a trade policy professor at Cornell University.
Here’s an overview of the Trump crypto portfolio’s development.
Trump transitioned into the crypto realm after discovering a passion for his digital collectibles, known as NFTs.
The concept was initially introduced to him by Bill Zanker, a friend and founder of The Learning Annex. Since then, the Trump Trading Cards NFTs have appeared in four different collections, depicting him in various poses and costumes (including superhero-themed outfits).
Last year, Trump organized dinners for supporters who bought his NFTs, which, as per financial disclosures, have generated millions in revenue.
The Trump family unveiled its crypto initiative, World Liberty Financial, in advance of the U.S. elections. The project has since invested millions in other cryptocurrencies such as Ether and Tron, although it has yet to deliver the promised DeFi services, like facilitating crypto loans without intermediaries.
An affiliated company receives 75% of net revenue as a fee, which includes token sale proceeds, according to official documents. The Trump family holds a 60% equity stake in World Liberty through their venture, DT Marks DeFi LLC.
To date, the company has raised $550 million through token sales, with a second round concluding last month.
Zach Witkoff, a co-founder of World Liberty, is the son of Steve Witkoff, who was instrumental in linking Trump’s family to other participants in the project. Following the token sale in October, concerns have arisen regarding potential conflicts of interest for the Trump family, particularly given the administration’s influence over regulations.
Trump’s sons—Donald Jr., Eric, and Barron—are all designated as “Web3 Advisors” for World Liberty Financial. The family is actively promoting the project via social media and public engagements.
On the eve of Trump’s inauguration, he and Melania introduced their own memecoins, which operate in a highly speculative segment of crypto with little intrinsic value. Following an initial spike that reportedly generated over $11.4 million in fees for related entities in January, their prices have since plummeted.
The move garnered mixed responses from the crypto community, with many suggesting it undermined efforts to establish legitimacy. Two Trump-affiliated entities—CIC Digital and Fight Fight Fight LLC—control 80% of the supply, with a portion to be unlocked over three years.
The Trump Media & Technology Group Corp. announced in early February that it sought trademarks for investment products reflecting Trump’s priorities, including a “Truth.Fi Bitcoin Plus ETF.”
It has indicated plans to collaborate with Crypto.com to launch the ETF. Prior to the election, the SEC had notified that it intended to sue Crypto.com for operating an unregistered securities exchange, although the investigation was closed in March.
World Liberty Financial is set to introduce a dollar-pegged stablecoin, called USD1, which will initially be minted on the Ethereum and Binance Smart Chain networks. This token is expected to be backed one-to-one by short-term U.S. Treasuries, dollar deposits, and other cash equivalents, according to the company’s plans.
This strategy aligns with upcoming landmark legislation concerning stablecoins that has progressed through the House Financial Services Committee, where crypto companies advocate for stablecoins as a means to facilitate more cost-effective and efficient global financial transactions.
The Trump family intends to launch a Bitcoin mining venture in collaboration with Hut 8 Corp. Many Bitcoin miners supported Trump’s reelection campaign, and in June 2024, he hosted several executives from the mining sector at Mar-a-Lago, promising to advocate for them in office.
The Bitcoin mining industry in the U.S. has evolved into a multi-billion dollar market.
“Investing in cryptocurrency is no longer simply about holding Bitcoin,” stated Campbell Harvey, a finance professor at Duke University. “There are numerous segments within the crypto landscape. Trump is involved in lending, is working towards a stablecoin, holds other crypto assets, and is now entering the mining sector.”
—This report was prepared with contributions from Annie Massa, Kyle Kim (News), Muyao Shen, and Dave Liedtka.
