Crypto income reshapes Trump business empire

Donald Trump reported at least $1.4 billion in 2025 earnings from cryptocurrency and memecoin-linked ventures, a federal filing shows, putting digital assets at the centre of the president’s personal finances during his second term.

The 927-page annual financial disclosure, released by the US Office of Government Ethics, details a sharp expansion of income from family-linked crypto businesses, licensing deals, token sales and related partnerships. The scale of the earnings places crypto ahead of hotels, golf resorts, real estate licensing and merchandising as the dominant source of Trump’s declared income for the year.

The largest sums were tied to World Liberty Financial, a crypto venture involving Trump, members of his family and business associates. The filing lists hundreds of millions of dollars from token sales and business interests connected to the venture, including income streams linked to stablecoin and decentralised finance activity. Trump’s role in World Liberty has been described through company material as that of a leading promoter rather than an operational executive, while his sons have been more directly associated with the project’s public branding.

A separate memecoin-linked business generated about $635 million in reported income, largely through licensing arrangements tied to Trump-branded digital tokens and coin ventures. The products drew strong trading interest after launch, though their market value has fluctuated sharply, underlining the volatile nature of political-branded digital assets.

The disclosure also lists crypto wallets, bitcoin holdings and Ethereum-linked rewards among Trump’s assets. Financial disclosure forms give broad ranges for many holdings and income categories, meaning the true value of some assets may be higher than the minimum figures stated. They also report gross income in several categories and do not necessarily show net profit after costs, taxes or distributions.

Trump’s traditional businesses continued to generate substantial revenue, but they were eclipsed by the crypto surge. Mar-a-Lago reported more than $77 million in resort-related revenue, while the Trump National Golf Club in Northern Virginia produced about $25 million. Other golf properties, hotels, branded real estate ventures and licensing arrangements in the US, Gulf, Europe and Asia added tens of millions more.

The filing points to a broader shift in the Trump business model. During his first term, the former real estate developer’s income was largely associated with hospitality, golf, branding and property partnerships. During his second term, digital assets have become the most lucrative segment of his disclosed financial empire, helped by intense retail interest in political tokens and a favourable policy environment for the crypto sector.

The development has intensified scrutiny from ethics specialists and Democratic lawmakers, who argue that a sitting president’s private exposure to crypto creates conflicts between public policy and personal enrichment. The concern is heightened because digital-asset markets can react quickly to regulatory decisions, enforcement changes, public remarks and legislation.

Trump has made crypto a central theme of his economic agenda, pledging to make the US a global hub for digital assets. His administration has backed friendlier rules for stablecoins, eased the tone of federal enforcement and courted industry executives who had complained of hostile treatment under the previous administration. Supporters say the shift encourages innovation, investment and financial competition. Critics say the president’s personal financial stake makes the policy turn unusually sensitive.

The White House has rejected conflict-of-interest allegations, saying Trump’s decisions are made in the national interest and that his assets are publicly disclosed. The Trump Organization has also maintained that the family business operates with internal safeguards and that the president is not involved in day-to-day management.

Presidents and vice-presidents are not covered by some federal conflict-of-interest restrictions that apply to other executive branch officials, but modern presidents have generally taken steps to reduce financial exposure while in office. Trump’s approach has differed, with his businesses continuing to operate across property, licensing, merchandise and digital assets.