Original Title: How much money did Trump make in first 100 days? Crypto deals raise questions

Original Author: Josh Meyer, USA Today

Translated by: 比推 BitpushNews

On the second day of taking office, U.S. President Donald Trump was asked if he would continue to profit from his personal business activities, as his "Trump Meme Coin" ($TRUMP) had briefly surged to a $20 billion market cap.

"I don't know much about it, only that it's something I launched. I've heard it's been very successful," Trump responded. "I haven't checked. How much is it worth now?"

"You've made a lot of money, sir," a reporter pressed, "It seems like tens of billions in just the past few days."

"Tens of billions? That's chump change to these guys," Trump said, pointing to a group of tech billionaires at the White House event.

Trump has never clearly stated whether he will stop profiting from his presidency—historians note that nearly all former U.S. presidents have pledged to avoid this behavior.

Huge Profits Raise Questions

According to the U.S. Ethics Watchdog, Democratic lawmakers, and cryptocurrency analysts, just two cryptocurrency investments held by Trump-affiliated entities have earned at least $3 billion in transaction fees through trades involving meme coins and other digital tokens since January. Analysts point out that the potential for even greater profits comes from Trump's entity's holdings of meme coins and other Trump-themed cryptocurrency investments.

Last week, another cryptocurrency project linked to the Trump family, "World Liberty Financial," announced that its issued digital tokens were used by an Abu Dhabi investment firm to inject $2 billion into Binance. Democratic lawmakers and analysts have claimed that this transaction poses a conflict of interest and could bring in at least $27 million in annual income for "World Liberty Financial."

Meanwhile, the Trump administration has relaxed regulation on the cryptocurrency industry and disbanded a Justice Department unit aimed at combating crypto fraud. Cryptocurrency is not the only source of funds for Trump since his return to the White House with experts noting that the president also profits from real estate, his Truth Social platform, and a range of branded merchandise.

Fred Wertheimer, of the non-profit accountability organization Democracy 21, said: "It is now extremely difficult to find an exact number, if not impossible." "I don't think this is by accident." Wertheimer said, "The President has been boasting about how many billions in assets he has had for years, but as President, it's different." "He hasn't hidden all his business activities, but he certainly hasn't reported what's going on."

Senate Launches Investigation

Senator Richard Blumenthal, the chief Democrat on the Senate permanent subcommittee on investigations, told USA Today that he is investigating the profits during Trump's presidency.

The cryptocurrency business—including a meme coin celebrating Trump's narrow escape from the dark SHA attempt in July 2024—will be central to Blumenthal's investigation. He said Trump "makes money through transactions because transactions generate fees, and also through him promoting or shilling sales that drive up the token price."

Blumenthal, a former Connecticut attorney general, said: "Whether it's tens of millions or hundreds of millions, it needs to be investigated and confirmed, but the shamelessness of this conduct is shocking, ludicrous, and could threaten national security." Blumenthal said he is particularly concerned that the opacity of cryptocurrency transactions makes it nearly impossible to determine how much Trump profited—and who may seek influence by buying Trump tokens.

He said this could pose a national security threat, allowing foreign governments to enrich Trump without the public's knowledge—and earn his favor. A White House spokesperson denied this, stating that there is no conflict of interest with the President because his assets are controlled by his children. A spokesperson for World Liberty Financial, a crypto company controlled by the Trump family, told USA Today that the company is "apolitical."

Sneakers, Bibles, and Cryptocurrency

In his second term, Trump has further upended conventions that restrict the Commander-in-Chief from profiting from his office. In addition to meme coins and other cryptocurrencies, Trump and his business associates have also promoted dozens of brand-name products, including Trump sneakers and Trump-signed Bibles.

According to Cryptopolitan and other crypto industry trackers, Trump has also delved headfirst into digital artwork, specifically non-fungible tokens (NFTs), selling "Trump Bitcoin Digital Trading Cards," including over 100 new collectibles released in January 2025.

Exclusive Private Dinner Hosted for TRUMP Investors

On April 23, one of the many privately held companies associated with Trump and his family raised the stakes by offering an "invitation of unparalleled exclusivity" to existing and new buyers of $TRUMP meme coin. According to the U.S. Securities and Exchange Commission (SEC), a meme coin is a type of cryptocurrency inspired by internet memes, characters, or trends, with the "issuer seeking to attract a passionate online community to purchase the meme coin and engage in its trading." The SEC states: "In this respect, meme coins are similar to collectibles." "Meme coins typically have limited or no functionality."

The $TRUMP meme coin is promoted as the "only official Trump meme, produced by President Donald J. Trump." However, the "fine print" in its disclaimer reminds that the coin is "intended as an expression of support and participation in the ideals and beliefs represented by the $TRUMP symbol," and it is "not intended as, nor to be, any form of investment opportunity, investment contract, or security."

The disclaimer states that the Trump organization's affiliated companies CIC Digital LLC and a company named Fight Fight Fight LLC collectively own 80% of the $TRUMP meme coin. The official $TRUMP meme coin website announcement states that the top 220 investors will win a "exclusive private dinner" with the President at Trump's Northern Virginia golf club on May 22.

The top 25 $TRUMP meme coin investors are promised a "super VIP experience, including a private reception with the President and a White House tour." According to Finance Magnates and other crypto trackers, the $TRUMP meme coin surged by as much as 80%, increasing its value by over $100 million.

According to Chainalysis spokesperson Jorah Huntington, as reported by USA Today, data shows that shortly after the dinner announcement, Trump and related entities profited $1.3 million in transaction fees, with total revenue exceeding $320 million. Donald Sherman, Executive Director and Chief Legal Officer of Citizens for Responsibility and Ethics in Washington (CREW), said: "This is one of the most brazen and shocking examples I've seen of the sale of access to the presidency."

White House Declines to Comment: "No Conflict of Interest"

The White House and the Trump Organization did not respond to a series of questions seeking comments on Trump meme coin and other investments. Attorney William Burke also did not respond. He was hired in January to strengthen the ethical standards of the Trump Organization, but was recently fired amid reports that he also represented Harvard University in its legal conflicts with the Trump administration.

White House spokesperson Anna Kelly told USA Today, "The President's assets are held in a trust managed by his children. There is no conflict of interest." Kelly was referring to a January statement by the Trump Organization, stating that after Trump entered the White House, he would hand over the day-to-day management of his billions of dollars of real estate, hotels, golf, media, and licensing businesses to his children.

However, according to interviews with USA Today, as well as reports from congressional Democrats and oversight organizations, Trump's current arrangement is more susceptible to abuse compared to his first term, during which countries like Saudi Arabia paid his company millions of dollars.

Historically, presidents have promised not to profit for themselves during their term to ensure that policy decisions are made in the national interest rather than personal gain, earning trust. Danielle Brian, Executive Director of the Project On Government Oversight in Washington, said, "That's no longer the case. President Trump has made it clear that he intends to make as much money as possible while serving as president because he is the president—no pretense about that."

California Democratic Senator and former federal prosecutor Adam Schiff is one of several Democratic senators calling on the Office of Government Ethics to investigate Trump's cryptocurrency dealings, including whether his establishment of a strategic Bitcoin reserve in March improperly benefited his own investments. In a video posted on X, Schiff said, "Donald Trump made a lot of money, and the only loser is the American people." For Trump, who claims to be the first "Crypto President," $TRUMP is just a part of his broader empire, which also includes a meme coin launched for First Lady Melania Trump, initially valued at billions of dollars.

In another business move, the Trump family quietly took control of World Liberty Financial in January, a cryptocurrency company that raised $550 million through the sale of its digital currency $WLFI. Reuters reported in March that, with terms considered favorable to insiders, the Trump family obtained most of these funds. According to the company's website and Reuters reports, the Trump family now has the right to 75% of World Liberty Financial's token sale net income, 60% of operating income, and approximately $400 million in transaction fees.

WLF Response: "Completely Unrelated to Politics"

David Waxman, a spokesperson for World Liberty Financial, told USA Today that he couldn't comment on how much money Trump and his family made from this business. He stated that allegations of conflicts of interest or corruption are "extreme, top-tier hyperbole, completely incorrect and false." Waxman described World Liberty as a "non-political organization. We are completely unrelated to politics."

Trump's personal stake in the company (whose motto is "Inspired by Donald J. Trump") is unclear. In calling for an investigation, Schiff referenced a $75 million injection into World Liberty Financial from crypto entrepreneur Justin Sun.

Justin Sun has faced a civil fraud case brought by the U.S. Securities and Exchange Commission involving celebrities such as Lindsay Lohan, Jake Paul, and rapper Soulja Boy. Schiff said in his video, "You wouldn't be surprised to know that the fraud case against Justin Sun has now been put on hold by the Trump administration. The American people can't now know whether this administration is acting on behalf of the American people or on behalf of Donald Trump's financial interests."

Justin Sun's lawyer, William Shatner, did not respond to phone and email requests for comment. As of May 1, Justin Sun—estimated to have invested $14 million—is among the top investors on the $TRUMP meme coin website's leaderboard, qualifying for a private dinner with Trump.

In recent months, World Liberty has also ventured into other businesses. On May 1, World Liberty co-founder Zack Vitkov announced that their "USD1 stablecoin" is being used as an "official stablecoin" by a company in Abu Dhabi for a $2 billion investment in the world's largest crypto exchange, Binance. (A stablecoin is a type of cryptocurrency whose value is pegged to another asset, such as the dollar.)

Vitkov said they are "excited" about this new deal. Vitkov is the son of Steve Vitkov, Trump's chief diplomatic envoy, close friend, and billionaire developer. According to CoinMarketCap data, as of April 30, the total value of USD1 tokens reached around $21 billion, making it one of the fastest-growing stablecoins in the world, Reuters reported, adding that "However, the identity of its main holders is still unclear."

Vitkov said World Liberty is now also engaging with Justin Sun. Justin Sun attended a crypto conference in Dubai on May 1 with Vitkov and Eric Trump.

Golf Property and Saudi

Brian Winterheimer and others said that due to Trump's White House financial disclosure forms not being due to the Office of Government Ethics until mid-May, it is currently unknown how much money Trump has made from various sources. According to a CREW report, during his first term, foreign governments spent millions at Trump's hotels and golf courses, with Trump's businesses earning up to $160 million from abroad.

Inquiry from Rick Claypool of the Public Citizen organization: "But in that case, at least you checked into a hotel room. When you put $5 million into these Trump meme coins, other than lining the president's pockets, what is the value?"

Trump has sold his hotel in Washington, D.C. But he still profits from foreign spending at his golf properties. The Saudi Arabian LIV Golf Tour has held seven events at Trump courses, despite Trump pushing for a merger between the more established PGA Tour and LIV — a move that would benefit Saudi Arabia.

The PGA Tour recently rejected LIV's latest multi-billion dollar offer in early April. "But hopefully we will merge the two tours," Trump told reporters on Air Force One. "You have the PGA Tour and the LIV Tour. I think it would be a good thing to merge them."

Despite Truth Social Inc. reporting losses, Trump's stake in the platform saw a significant increase in value during his presidency. On April 2, the company filed documents with regulatory authorities allowing Trump's trust to sell around $2.3 billion worth of stock.

"Pay-to-Play Presidency" Sparks Controversy

Last month, during the White House Correspondents' Dinner, Donald Trump Jr. hosted his "Executive Branch" private club launch party with membership fees exceeding $500,000. Politico, citing sources familiar with the project, stated that the goal was to "cater to those looking to cultivate ties with the Trump administration among business and tech titans."

On April 30, Senator Chris Murphy displayed a large chart on the Senate floor condemning Trump's "first 100 days of corruption," calling the "TRUMP Coin" the biggest scandal in U.S. presidential history. As the mid-May financial disclosure deadline approaches, the controversy surrounding the president's business interests will continue to simmer. The White House insists all actions are legal, but watchdog groups emphasize that Trump has broken from the historical tradition of "presidents not profiting from their office."

"Trump made it clear that he intends to maximize profit from his presidential status," concluded Danielle Bryan, head of the government watchdog project, "and he is not hiding it at all."

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