(Bloomberg) — Former President Donald Trump and his family have shown interest across various sectors of the cryptocurrency market.
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Their involvement includes nonfungible tokens and digital collectibles, a decentralized finance initiative, a proposed stablecoin, a Bitcoin mining project, and two memecoins—one for Trump and another for First Lady Melania Trump.
Collectively, these ventures are nearing $1 billion in unrealized profits, even after adjusting for recent market fluctuations stemming from trade tensions, as reported by Bloomberg based on publicly accessible data.
Donald Trump is already the wealthiest individual to have served as a U.S. president, with substantial investments in real estate aside from crypto. Following his first election win in 2016, Trump’s legal team established a trust to oversee his business interests, which is managed by his two eldest sons and Allen Weisselberg, the longtime CFO of Trump’s real estate ventures.
Eric Trump has insisted that “there are no conflicts” pertaining to the family’s cryptocurrency investments.
“I don’t work with the White House,” Eric Trump remarked during an April interview with Bloomberg TV. “We have believed in crypto for a long time.”
The president’s public stance on cryptocurrency has changed considerably over time. In 2021, Trump referred to Bitcoin as a “scam,” expressing concern that it was competing with the dollar and required stringent regulation.
Since then, Trump’s connection to the digital asset space has transformed noticeably. During his presidential campaign, he garnered significant financial support from cryptocurrency executives and supporters.
In his subsequent term, Trump has enacted executive orders aimed at establishing the U.S. as the global leader in crypto, appointed David Sacks and Bo Hines as proponents of industry interests, and frequently promotes his memecoin through posts on Truth Social.
“Trump and his family seem keen to secure a substantial foothold in the field ahead of forthcoming regulations that may enhance cryptoasset valuations,” noted Eswar Prasad, a trade policy professor at Cornell University.
Here’s a look at the evolution of the Trump crypto portfolio.
Nonfungible Tokens: Dec. 2022
Trump developed an interest in crypto after discovering his own digital collectibles, known as nonfungible tokens.
The concept was introduced to him by Bill Zanker, a friend and founder of The Learning Annex. Since then, the Trump Trading Cards NFTs, featuring him in various poses and outfits (including superhero attire), have expanded across four collections.
Last year, the president organized dinners for NFT purchasers, generating millions of dollars, as stated in financial disclosures.
Decentralized Finance: Sept. 2024
Ahead of the U.S. elections, the Trump family launched its cryptocurrency project, World Liberty Financial. Since its launch, it has acquired millions of dollars in other cryptocurrencies, including Ether and Tron, though has yet to provide promised DeFi services like decentralized lending.
An affiliated company earns 75% of the net revenue as a fee, including from token sales, as per offering documents. The Trump family holds a 60% equity interest in World Liberty through their company DT Marks DeFi LLC.
The venture raised $550 million in token sales following its second funding round last month.
Zach Witkoff, a co-founder of World Liberty, is the son of Steve Witkoff, who facilitated connections between Trump’s family and other participants in World Liberty Financial. Since the platform’s token sale in October, concerns have been raised about potential conflicts of interest for the Trump family considering the administration’s influence over regulations.
Trump’s sons—Donald Jr., Eric, and Barron—are all designated as “Web3 Advisors” for World Liberty Financial, actively promoting the initiative through social media and public engagements.
Memecoins: Jan. 2025
One day before Trump’s inauguration, he and Melania introduced their own memecoins—a speculative part of the cryptocurrency market with negligible intrinsic value. Following an initial spike that reportedly brought in over $11.4 million in fees for Trump-linked entities in January, prices have significantly declined.
This move received mixed feedback within the crypto community, with many believing it hindered efforts to present the market as more legitimate. Two entities tied to Trump—CIC Digital and Fight Fight Fight LLC—control 80% of the supply, which will be accessible over a three-year period.
ETFs: Feb. 2025
In early February, Trump Media & Technology Group Corp. announced it had sought to trademark investment products reflecting Trump’s initiatives, such as a “Truth.Fi Bitcoin Plus ETF.”
The company stated it would collaborate with Crypto.com to launch the ETF. Prior to Trump’s electoral victory, the SEC indicated that it intended to take legal action against Crypto.com for running an unregistered securities exchange, but closed its inquiry in March, according to the company.
Stablecoin: March 25
World Liberty Financial disclosed plans to introduce its own dollar-pegged stablecoin called USD1, which will initially be minted on the Ethereum and Binance Smart Chain networks. The token will be backed one-to-one by short-term U.S. Treasuries, dollar deposits, and other cash equivalents, according to World Liberty.
This announcement occurred just prior to pivotal stablecoin legislation moving through the House Financial Services Committee, with cryptocurrency firms advocating for stablecoins as a method to enhance the efficiency of global financial transactions.
Bitcoin Mining: March 31
The Trump family announced its intent to commence a Bitcoin mining venture in partnership with Hut 8 Corp. Bitcoin miners were among the earliest supporters of Trump’s re-election bid. In June 2024, Trump hosted several mining executives at Mar-a-Lago, assuring them of his advocacy within the White House.
The Bitcoin mining industry in the U.S. has evolved into a multi-billion-dollar enterprise.
“Investing in crypto is no longer just about holding Bitcoin,” commented Campbell Harvey, a finance professor at Duke University. “There are numerous segments within crypto. Trump has established a presence in lending, a prospective stablecoin, various cryptoassets, and now a mining business.”
–With contributions from Annie Massa, Kyle Kim (News), Muyao Shen and Dave Liedtka.
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