NEW YORK (AP) — According to a federal filing released Tuesday, President Donald Trump accrued nearly $1.2 billion from his cryptocurrency businesses last year, reaping profits while many of his investors faced losses.
Initially mere startups at the beginning of his presidency, these ventures have now surpassed the revenue from much of his extensive property portfolio, which took decades to build. This growth was driven by billionaire investors and Trump’s efforts to halt federal actions against the industry.
The annual disclosure report filed with the Office of Government Ethics reveals that Trump’s World Liberty Financial business earned over $500 million by selling new crypto products like “governance tokens.” Another of his ventures, CIC Digital LLC, generated more than $600 million from selling souvenir-type “meme” coins featuring his likeness.
Both the tokens and the coins have significantly decreased in value since their sales.
Additionally, Trump earned millions from selling Trump-branded Bibles, sneakers, and other small items, marking another unprecedented initiative for a presidency. Notably, the sale of Trump-branded watches alone contributed $4.7 million.
The 927-page disclosure form provides a stark, albeit incomplete, picture of the significant increase in Trump’s wealth since he took office last January. This growth is attributed to a network of business interests, many of which have benefited from the policy decisions of his administration. Although Trump insists his sons manage his finances, this arrangement bypasses conflict of interest safeguards established by his predecessors.
Forbes estimates Trump’s net worth to be $6 billion, an increase from $2.3 billion in 2024.
The Trump business is growing abroad
The growth of Trump’s crypto enterprises is notable, especially since he initially gained office by highlighting his real estate successes. However, his traditional business ventures also flourished last year. Trump earned tens of millions from new hotel, resort, and condo deals abroad, marking the biggest expansion in the family’s century-old business history.
Many of these countries were concurrently negotiating with the U.S. on significant issues like tariffs and military aid while engaging in business deals with the Trump family.
A property in the United Arab Emirates brought in $10.4 million for Trump last year. A venture in Saudi Arabia, developed by an ally of the ruling family, generated $9 million. In Bucharest, Romania, and Qatar, projects each provided $5 million.
Domestically, Mar-a-Lago in Florida experienced significant growth as well.
The property earned $77 million, marking a 50% increase from the previous year when Trump was a private citizen, as international dignitaries and business leaders visited during his new term.
The disclosure does not include profit figures, only revenue, so Trump’s actual earnings remain unclear.
Trump is now the billion-dollar crypto man
After assuming office, Trump reversed the previous administration’s strict stance on the cryptocurrency industry, implementing policies favorable to it.
Nevertheless, regulators had concerns. Before World Liberty began selling “governance tokens,” warnings were issued about these novel crypto assets, noting that unlike stocks, they do not provide ownership in the issuing company but rather voting rights on certain policies, making them hard to value.
Despite this, buyers were eager, including a Chinese billionaire who invested $75 million in tokens and $200 million in souvenir coins. A federal lawsuit accusing him of misleading investors was paused before being resolved with a $10 million fine.
The billionaire, Justin Sun, maintains that his expenditures on Trump businesses were unrelated to his federal case, and World Liberty has rejected any suggestion of a conflict of interest.
Meanwhile, investors have seen their Trump-associated investments lose significant value.
The value of World Liberty tokens has dropped by 80% since they began trading in September, while Trump souvenir coins, which initially surged to over $74 after their January 2025 launch, now trade at $1.68.
The White House says Trump only acts in the public interest
The White House has consistently stated that Trump placed his business interests in a trust managed by his sons, and he is not involved in decision-making, insisting there are no ethical issues to address.
“Neither the President nor his family has ever engaged — or will ever engage — in conflicts of interest,” spokeswoman Anna Kelly stated. “All actions by President Trump and his administration are taken in the best interest of the American people.”
The Trump Organization has asserted that its international deals are with private entities, not governments.
Yet, discerning truly private dealings in countries governed by authoritarian regimes, royal families, or one-party systems can be challenging.
For a Trump resort in Vietnam, the report indicates a $5 million intake last year after the ruling Communist Party’s deputy prime minister approved the deal, reportedly displacing farmers for construction, according to The New York Times.
Determining whether these deals influenced U.S. policies in favor of these countries is nearly impossible, but these nations have achieved their goals.
Vietnam received tariff relief, Qatar gained access to advanced U.S. technology that was previously restricted, and Saudi Arabia obtained long-coveted U.S. fighter jets.
