US President Donald Trump’s second term in office has coincided with an extraordinary increase in his personal wealth, much of it linked to a sprawling cryptocurrency empire built by the president and his family.
According to a Financial Times investigation, Trump’s crypto ventures have generated more than $1 billion in pre-tax profit over the past year. Trump’s son, Eric, confirmed to the outlet that the family’s actual profits were “probably more.”
At the center of this new fortune is World Liberty Financial, a crypto company founded by Trump’s sons and allies, which has sold billions of dollars in tokens and stablecoins. The project, whose website identifies President Donald Trump as “co-founder emeritus,” launched last year with plans for a crypto-lending app.
In June, Trump disclosed $57.4 million in income from his involvement with World Liberty Financial. Last month, the Trump family’s stake in the project surged to $5 billion after a token unlock. The FT estimates the family has earned $550 million from WLFI this year.
Trump family launches memecoins
The Trump family has also profited from memecoins like Official Trump (TRUMP) and Official Melania Meme (MELANIA), which collectively brought in hundreds of millions of dollars through sales and trading fees.
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Per the FT report, the TRUMP memecoin has brought the family $362 million in profit, while MELANIA has made $65 million. Notably, the TRUMP memecoin is down by more than 90% from its all-time high, while MELANIA has performed even worse, down more than 99% from its high.
Finally, the Trump family bagged $42 million from USD1, the stablecoin issued by World Liberty. Since its launch in early April, the Trump family-backed stablecoin has become the world’s fifth-largest stablecoin with a market cap of $2.68 billion, according to CoinMarketCap.
Trump family earns over $1 billion from crypto ventures. Source: Financial TimesMeanwhile, Trump’s personal stake in Trump Media & Technology Group, the parent company of Truth Social and a Bitcoin treasury operation, is now valued at about $1.9 billion, according to the FT report.
On Wednesday, billionaire Peter Thiel–backed Erebor received preliminary regulatory approval to launch a bank aimed at serving crypto, AI and tech startups. The bank reportedly has ties to Trump.
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Trump’s crypto ventures turn to treasury firms
Last week, it was reported that the startup behind Trump’s official memecoin is seeking to raise at least $200 million to build a digital-asset treasury aimed at buying back the token to shore up its value.
In August, ALT5 Sigma Corporation announced plans to raise $1.5 billion through the sale of 200 million common shares at $7.50 each to build out its WLFI corporate treasury.
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Source: https://cointelegraph.com/news/trump-crypto-empire-reaps-1b-policy-fueled-boom-report?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
