NEW YORK (AP) — A federal filing released on Tuesday indicates that former President Donald Trump generated nearly $1.2 billion from his cryptocurrency businesses in the previous year, while investors in those ventures experienced losses. The report shows that Trump's crypto businesses, which were in their early stages when he took office, have now surpassed much of his extensive property portfolio in revenue.
According to the annual disclosure report submitted to the Office of Government Ethics, Trump received over $500 million from his World Liberty Financial business, which sells various crypto products, including 'governance tokens.' Additionally, his other crypto venture, CIC Digital LLC, earned more than $600 million from the sale of 'meme' coins featuring his likeness. Both types of crypto assets have since lost significant value.
The disclosure also reveals that Trump earned millions from selling Trump-branded merchandise, including Bibles and sneakers, with Trump-branded watches alone generating $4.7 million.
The 927-page disclosure form illustrates the substantial growth of Trump's wealth since he took office, driven by a network of business interests that have benefited from his administration's policies. Trump has claimed that his sons manage his finances, but this arrangement raises questions about potential conflicts of interest.
Forbes estimates Trump's net worth at $6 billion, an increase from $2.3 billion in 2024. The growth of Trump's crypto ventures is notable, especially as he previously emphasized his real estate successes. In addition to crypto, Trump reported tens of millions in fees from new hotel and resort deals abroad, marking the largest expansion of his property business since its inception.
The report highlights revenue from various international properties, including $10.4 million from a property in the United Arab Emirates and $9 million from a project in Saudi Arabia. His Mar-a-Lago estate in Florida also saw significant revenue growth, totaling $77 million last year.
Trump stated that most of his financial gains were due to the stock market, asserting that he is benefiting like many others. However, the report indicates that crypto was a major revenue source, aided by his administration's favorable policies toward the industry.
Regulatory concerns persist regarding the nature of 'governance tokens,' which do not provide ownership stakes but offer voting rights on corporate policies. Despite warnings from regulators, investors, including billionaire Justin Sun, purchased significant amounts of these tokens and coins. A federal lawsuit against Trump related to investor claims was settled for a $10 million fine.
The White House maintains that Trump has placed his business interests in a trust managed by his sons and denies any conflicts of interest. The Trump Organization asserts that its international deals are with private companies, not governments, although the nature of such dealings in authoritarian regimes raises questions about transparency.