Trump’s Crypto Firms Earned $1.2 Billion Despite Investor Losses

By BERNARD CONDON, AP Business Editor

NEW YORK (AP) — President Donald Trump withdrew nearly $1.2 billion from his crypto businesses last year, according to a federal filing released Tuesday, locking in profits as his investors struggled with losses.

From mere startups when he was sworn in, the new ventures have now eclipsed in revenue much of his vast real estate portfolio that took him decades to accumulate. Their rise has been fueled by billionaire investors and Trump’s decision to reverse a federal crackdown on the industry.

Trump obtained more than $500 million from his company World Liberty Financial by selling new crypto products, including “governance tokens,” according to the Office of Government Ethics’ required annual disclosure report. It also showed that another crypto company, CIC Digital LLC, raked in more than $600 million from the sale of souvenir-style “meme” coins stamped with his face.

The value of tokens and coins has fallen since the sales.

Trump also made millions last year selling Trump-branded Bibles, sneakers and other small items, another unprecedented move for the presidency. The sale of Trump-branded watches alone brought in $4.7 million.

The 927-page disclosure form paints a grim, if incomplete, picture of the massive growth of the president’s wealth since he took office last January thanks to a web of business interests — many of whom benefited from the policy moves of Trump’s own administration. Trump has insisted that his sons run his finances, but that arrangement rejects the conflict of interest protections that his recent predecessors in office had instituted.

Forbes estimates Trump’s net worth at $6 billion, up from $2.3 billion in 2024.

Trump’s business is growing abroad

The rise of crypto over Trump’s ownership is particularly noteworthy because he first rose to power by boasting of his real estate victories. It’s also notable because this core business also exploded last year. Trump collected tens of millions of dollars in fees from a wave of new overseas hotel, resort and condo deals, representing the largest real estate expansion ever in the century since the family business was founded.

Many of these countries were negotiating with the United States on tariffs, military aid and other important issues while the family business made the deals.

A property in the United Arab Emirates generated $10.4 million for the Trump company last year. The one in Saudi Arabia, built by a real estate developer close to the ruling family, brought in $9 million for the presidential company. And one in Bucharest, Romania, and another in Qatar each sent him $5 million.

One of its major domestic properties, Mar-a-Lago in Florida, also saw strong growth last year.

Trump took in $77 million from this property, a 50% increase from the previous year, when he was just another citizen, as heads of state and businessmen flocked to this property during his new term.

The disclosure report doesn’t give profit figures, just revenue, so it’s impossible to know how much he makes.

Trump is now the billion-dollar crypto man

After taking office last year, Trump reversed the Biden administration’s tough stance toward the crypto industry and promoted industry-friendly policies.

But regulators still had some concerns. Before Trump’s World Liberty began selling “governance tokens,” they issued warnings about this new type of crypto asset, saying that unlike stocks, the tokens offer no ownership stake in the issuing company, just voting rights on certain company policies, and are difficult to value.

Buyers still rushed in, including a Chinese billionaire who spent $75 million on tokens and $200 million on souvenir coins. In February of last year, a federal lawsuit accusing him of duping investors was stayed before being settled with a $10 million fine.

Billionaire Justin Sun has repeatedly denied that his spending at Trump companies had anything to do with his federal record, while World Liberty has dismissed the notion of a conflict of interest.

Meanwhile, investors have seen the value of their Trump-related holdings fall significantly.

The price of World Liberty tokens has fallen 80% since they began trading in September. And Trump memorabilia coins, which reached more than $74 in the days after their launch in January 2025, now sell for $1.68.

White House says Trump only acts in public interest

The White House has repeatedly said that Trump placed his affairs in a trust managed by his sons and that he was not involved in his decisions and that there were no ethics issues to discuss.

“Neither the president nor his family have ever engaged — or will ever engage — in conflicts of interest,” spokeswoman Anna Kelly said. “All actions by President Trump and his administration are taken in the best interests of the American people.”

Trump’s umbrella company, the Trump Organization, has said its overseas deals are with private companies, not governments.

Yet it is difficult to know what is truly private in countries ruled by authoritarians, royal families and one-party governments.

For a new Trump resort in Vietnam, the report shows that Trump took in $5 million last year after the ruling Communist Party sent its deputy prime minister to sign the deal and, according to the New York Times, pushed farmers to leave their land to make way for construction.

It is almost impossible to know whether these agreements played a role in changing US policy in the direction these countries sought, but these countries got what they wanted.

Vietnam received tariff relief. Qatar gained access to previously banned advanced American technology, and Saudi Arabia obtained American fighter jets it had coveted for years.

An earlier version of this story incorrectly stated that the disclosure form was released Monday.

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