WASHINGTON – On his second day in office, President Donald Trump was asked if he would continue selling products that benefited him personally, after sales of a new Trump “meme coin” had soared to as much as $20 billion in value.
“I don’t know much about it, other than I launched it. I heard it was very successful,” Trump replied. “I haven’t checked it. Where is it today?”
“You made a lot of money, sir,” a reporter replied. “Several billion dollars, it seems like, in the last several days.”
“Several billion? That’s peanuts for these guys,” Trump said gesturing toward a group of tech billionaires at the White House event.
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A fortune in cryptocurrency
Trump never answered whether he would seek personal profit from the presidency – something historians say virtually every other president has pledged to avoid.
Just two of the cryptocurrency investments owned by Trump-affiliated entities have made at least $300 million in trading fees alone on sales of his meme coin and other digital currency since January, according to ethics watchdogs, Democratic lawmakers, crypto analysts and other experts.
Greater potential profits lie in the Trump entities’ stake in the value of the meme coin and their other Trump-themed crypto investments, these analysts and other experts say.
Last week, another of the Trump family’s crypto ventures, World Liberty Financial, announced that one of its digital coins is being used by an Abu Dhabi investment firm for a $2 billion investment in cryptocurrency exchange Binance. Democratic lawmakers and crypto analysts said the deal was a conflict of interest that could earn World Liberty at least $27 million per year.
Meanwhile, Trump’s administration has loosened regulation of the cryptocurrency industry and dismantled a Justice Department unit targeting crypto fraud.
Crypto isn’t Trump’s only source of funds since returning to office. The president profits from real estate, his Truth Social platform and a range of branded merchandise, experts say.
How much has Trump earned in his first 100 days back in the White House?
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“It is extremely difficult, if not impossible, to find a number right now,” said Fred Wertheimer of the nonprofit accountability group Democracy 21. “And I don’t think that’s an accident.”
“The president spent many years bragging about how many billions of dollars he had, but as president it’s a different story,” said Wertheimer. “He doesn’t hide all his business ventures, but he certainly doesn’t report on what’s going on.”
A Senate inquiry into presidential profits
Sen. Richard Blumenthal, ranking Democrat on the Senate Permanent Subcommittee on Investigations, told USA TODAY he’s launching an investigation into Trump’s profits as president.
The cryptocurrency ventures − including a digital meme coin celebrating Trump’s survival of a July 2024 assassination attempt − will be key to Blumenthal’s inquiry. Trump, he said, “makes money off the trading because the transactions generate a fee, as well as from the increase in price for the coins that results from his promoting or enticing sales.”
Website announces an “unforgettable Gala DINNER” with President Trump at his members-only golf club near Washington for the top 220 investors in the $TRUMP meme coin. Top 25 $TRUMP coin holders “will enjoy a Private VIP Reception with Trump and a special VIP tour.”.
“Whether it’s tens of millions or hundreds of millions really is a topic for the investigation,” said Blumenthal, a former Connecticut attorney general. “But I just cannot emphasize how craven and brazen this kind of stunt is. And it would be laughable, but it involves millions of dollars and a threat to our national security.”
Blumenthal said he was especially concerned that the opaque nature of crypto transactions makes it virtually impossible to determine how much Trump is profiting – and who might be seeking influence by purchasing the Trump coins.
President Donald Trump attends the White House Crypto Summit in Washington, DC, March 7, 2025.
That, he said, could pose a national security threat by allowing foreign governments to enrich Trump – and gain his favor − without public knowledge.
A White House spokesperson denied that, saying the president did not have a conflict of interest because his assets are controlled by his children. A spokesman for World Liberty Financial, a Trump family-controlled crypto firm, told USA TODAY the company was “not involved in politics whatsoever.”
Sneakers, Bibles – and digital currency
Even more than during his first term, Trump has upended the customs restraining a commander-in-chief’s ability to profit from the office.
Barbara Kenerson wears her ‘Trump Sneakers’ while gathering with other supporters of Donald Trump Palmetto, Florida, October 27, 2024.
Besides the meme coin and other crypto, Trump and his business associates have promoted dozens of branded items, including Trump sneakers and Trump-autographed Bibles.
Trump has also gone all-in on digital artworks known as NFTs, or non-fungible tokens, selling “Trump Bitcoin Digital Trading Cards,” including more than 100 new collectibles released in January 2025, according to Cryptopolitan and other crypto industry trackers.
An ‘intimate private dinner’ for Trump crypto investors
On April 23, one of the many private companies affiliated with Trump and his family upped the ante by offering existing and new buyers of the $TRUMP meme coin “the most EXCLUSIVE INVITATION in the world.”
A meme coin is a type of crypto asset inspired by internet memes, characters or trends “for which the promoter seeks to attract an enthusiastic online community to purchase the meme coin and engage in its trading,” according to the Securities and Exchange Commission.
“In this regard, meme coins are akin to collectibles,” the SEC says. “Meme coins also typically have limited or no use or functionality.”
The $TRUMP coin is marketed as a celebration of Trump’s defiant response to a July 13, 2024, assassination attempt at a campaign rally in Butler, Pa.
“With his fist in the air and the iconic battle cry FIGHT FIGHT FIGHT, President Trump showed the world what a LEADER is made of,” a description says, calling an image from that day “the most memorable meme of the century.”
The $TRUMP meme coin is advertised as “the only Official Trump Meme, by President Donald J. Trump.”
FILE PHOTO: U.S. President Donald Trump holds a signed executive order on cryptocurrencies, in the Oval Office of the White House, in Washington, U.S., January 23, 2025. REUTERS/Kevin Lamarque/File Photo
The fine print, though, cautions that the coin is “intended to function as an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol $TRUMP,” and is “not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type.”
The disclaimer says CIC Digital LLC, an affiliate of The Trump Organization, and a company called Fight Fight Fight LLC collectively own 80% of the $TRUMP meme coin.
The announcement from the official website for the $TRUMP meme coin said the top 220 investors would win an “intimate private dinner” with the president on May 22 at his northern Virginia golf club.
Trump ‘meme coin’ value surged after invitation
The top 25 investors in the Trump meme coin were promised “an ultra-VIP experience that includes a private reception with the president and a guided White House tour.”
The $TRUMP meme coin surged as much as 80%, adding more than $100 million to its value, according to Finance Magnates and other crypto-trackers.
Crypto analysis firm Chainalysis found that Trump and business entities connected to him made more than $1.3 million in trading fees in the days after the dinner and tour were announced, adding to the more than $320 million in fees and income they had already taken in, Chainalysis spokesman Jorah Huntington told USA TODAY.
“This is one of the most blatant and appalling instances of selling access to the presidency I’ve ever seen,” said Donald Sherman, executive director and chief counsel of Citizens for Responsibility and Ethics in Washington.
No comment, ‘no conflict of interest’
The White House and the Trump Organization did not respond to a list of questions seeking comment about Trump’s meme coin and other investments.
Neither did lawyer William Burck, who was hired in January to reinforce the Trump Organization’s ethical standards but was fired recently after it emerged he was also representing Harvard University in the school’s legal clash with the Trump administration.
White House spokesperson Anna Kelly told USA TODAY: “The President’s assets are in a trust managed by his children. There are no conflicts of interest.”
An illustration of the $TRUMP meme coin.
Kelly was referring to an announcement in January by the Trump Organization that Trump would hand over daily management of his multi-billion-dollar real estate, hotel, golf, media and licensing portfolio to his children when he entered the White House.
But Trump’s current arrangement is even more open to abuse than during his first term, when countries like Saudi Arabia paid his companies millions of dollars, according to USA TODAY interviews and reports by congressional Democrats and watchdog groups.
A Hong Kong cryptocurrency company uses the image of President Donald Trump in an advertisement on March 12, 2025. Trump calls himself the first “Crypto President.”
Historically, presidents have pledged not to enrich themselves while in office to ensure confidence that policy decisions are made for the country’s good – not personal gain.
“That is no longer the case,” said Danielle Brian, president of the Washington-based Project On Government Oversight. “President Trump has made it clear he’s going to make as much money as he can while he’s president because he’s president – and he’s unabashed about it.”
President Donald Trump waves as he arrives at Leesburg Executive Airport on his way to Trump National Golf Club on April 24, 2025 in Leesburg, Virginia, for a private dinner with 220 top investors in $TRUMP, a cryptocurrency launched three days before taking office.
Sen. Adam Schiff, D-Calif., a former federal prosecutor, is one of several Senate Democrats who have called for the Office of Government Ethics to investigate Trump’s crypto ventures, including whether his establishment of a Strategic Bitcoin Reserve in March improperly helped his own investments.
“Donald Trump’s making a ton of money, and the only losers here are the American people,” Schiff said in a video posted on X.
Crypto empire expansion
For Trump, who calls himself the first “Crypto President,” the $TRUMP meme coin is just one piece of a larger empire that also includes a meme coin for first lady Melania Trump that initially was valued in the billions of dollars.
In a separate venture, the Trump family in January quietly took control of World Liberty Financial, a crypto company that has raised $550 million from the sale of its own digital currency, $WLFI. Reuters reported in March that the Trumps received the lion’s share of those funds aided by terms that industry experts say favor company insiders.
The Trumps now have a claim on 75% of World Liberty Financial’s net revenues from token sales, 60% from operations − and about $400 million in transaction fees, according to the company’s website and Reuters.
Ethics concerns: ‘Hyperbole at its finest’
David Wachsman, a spokesman for World Liberty Financial, told USA TODAY he could not comment on how much money Trump and his family have made from the venture.
WASHINGTON, DC – MARCH 07: U.S. Secretary of Treasury Scott Bessent and U.S. President Donald Trump look on during The White House Digital Assets Summit in the State Dining Room of the White House on March 07, 2025 in Washington, DC. Trump held the summit to hear from crypto leaders on how his administration has invested in digital assets. (Photo by Anna Moneymaker/Getty Images)
He said allegations of conflict of interest or corruption were “hyperbole at its highest and finest, and completely wrong and completely false.” Wachsman described World Liberty as a “non-political organization. We’re not involved in politics whatsoever.”
Trump’s personal stake in the firm, whose motto is “Inspired by Donald J. Trump,” is unknown.
An investor’s reprieve
In his call for an investigation, Schiff cited the case of Justin Sun, a Hong Kong crypto entrepreneur who pumped $75 million into World Liberty Financial.
Sun had faced a civil fraud case by federal securities regulators that involved celebrities including Lindsay Lohan, Jake Paul, and the rapper Soulja Boy.
Justin Sun, founder of Tron, speaks during an press conference in Hong Kong, China April 3, 2025. Sun has invested in the $TRUMP meme coin.
“Well, it won’t surprise you to learn that the fraud case against Justin Sun has now been put on hold by the Trump administration,” Schiff said in his video. “The American people simply cannot know now with this administration whether it is acting on behalf of the American people or on behalf of Donald Trump’s financial interests.”
A lawyer for Sun, William Charron, did not respond to a call and email seeking comment.
As of May 1, Sun − with an estimated investment of $14 million − topped the $TRUMP meme coin website’s leaderboard of investors eligible for the private dinner with Trump.
Globe-spanning deals
In recent months, the company has branched into other ventures.
On May 1, one of Trump’s World Liberty co-founders, Zach Witkoff, announced that its “USD1 stablecoin” is being used as the “official stablecoin” by an Abu Dhabi firm for a $2 billion investment in Binance, the world’s biggest crypto exchange. (A stablecoin is a cryptocurrency whose value is pegged to another asset – like the U.S. dollar.)
Trump Organisation executive vice-president Eric Trump, a son of President Donald Trump, appears with World Liberty Financial co-founder Zach Witkoff and cryptocurrency investor Justin Sun at the Token 2049 conference in Dubai on May 1, 2025.
“We are excited” by the new deal, said Witkoff, the son of Trump’s chief diplomatic envoy, close friend and billionaire developer Steve Witkoff.
The total value of the USD1 coin reached about $2.1 billion on April 30, according to CoinMarketCap data, making it one of the world’s fastest-growing stablecoins, Reuters reported, adding that “the identity of its major holders, however, remains unclear.”
World Liberty is now also in business with Justin Sun, Witkoff said. Sun appeared with Witkoff and Eric Trump at a May 1 crypto conference in Dubai.
Professional golf and the Saudis
Because his White House financial disclosure form isn’t due at the Office of Government Ethics until mid-May, there is no way to know how much Trump has earned from various sources, Brian, Wertheimer and others said.
Foreign governments spent millions at Trump’s hotels and golf courses during his first term, according to CREW, with Trump businesses earning up to $160 million from foreign states.
CEO of Saudi Golf Majed Al Surour hugs Donald Trump during the Pro-Am tournament before the LIV Golf series at Trump National Doral, Oct 27, 2022.
“But there, at least you got to stay in a hotel room. What is the thing of value when you put $5 million into these Trump meme coins, other than that you are putting money in the president’s pocket?” asked Rick Claypool of Public Citizen.
Trump has sold his Washington hotel. But he still profits from foreign spending on his golf properties. Saudi Arabia’s LIV Golf tour has held seven tournaments at Trump courses, even as Trump pressures the more established PGA Tour to merge with LIV − a move benefiting the Saudis.
A detail view of LIV Golf logo during Day Three of LIV Golf Miami at Trump National Doral Miami on April 06, 2025 in Doral, Florida.
The PGA Tour turned down LIV’s latest multibillion-dollar offer in early April.
“But hopefully we’re going to get the two tours to merge,” Trump told reporters on Air Force One. “You have the PGA Tour and the LIV Tour. And I think having them merge would be a great thing.”
The Truth social network logo is seen on a smartphone in front of a display of U.S. President Donald Trump in this picture illustration taken February 21, 2022.
The value of Trump’s stake in his Truth Social platform has increased sharply during his presidency, despite the company’s reported losses. On April 2, it filed papers with securities regulators that would allow Trump’s trust to sell about $2.3 billion worth of its stock.
Selling access to Trump’s inner circle
Last month, amid White House Correspondents’ Dinner festivities, Donald Trump Jr. co-hosted a launch party for his “The Executive Branch,” a private club costing more than $500,000 to join.
Politico, quoting people familiar with the venture, said its goal was to “cater to the business and tech moguls who are looking to nurture their relationships with the Trump administration.”
In April, Donald Trump Jr. launched “The Executive Branch,” a $500,000-membership private club. Politico reported its goal was to “cater to the business and tech moguls who are looking to nurture their relationships with the Trump administration.”
On April 30, Sen. Chris Murphy, D-Conn., brought oversized charts to the Senate floor to denounce what he called Trump’s “100 Days of Corruption.”
“The Trump crypto coin,” Murphy said, was “the biggest scandal in the history of the American presidency.”
This article originally appeared on USA TODAY: Trump meme coin rakes in millions in crypto profits