Key Takeaways
- Trump-linked ventures reportedly earned approximately $802 million in cryptocurrency during the first half of 2025.
- This income was primarily derived from sales of the World Liberty Financial (WLFI) token, the TRUMP memecoin, and yields from the USD1 stablecoin.
- A significant deal with Alt5 Sigma and involvement of foreign buyers were instrumental in converting token value into accessible cash.
- The period also saw a notable shift in U.S. cryptocurrency enforcement, raising potential conflict of interest concerns among experts.
Crypto Ventures Signal Major Income Shift
In the initial six months of 2025, ventures associated with Donald Trump reportedly generated around $802 million in cryptocurrency income. This substantial figure primarily stems from sales of the World Liberty Financial (WLFI) token and the Official Trump (TRUMP) memecoin. Notably, this crypto revenue significantly surpasses earnings from traditional Trump ventures like golf courses, licensing, and real estate during the same period.
Investigations by Reuters, supported by detailed methodology papers, shed light on the sources of this income and how it was calculated. This analysis aims to objectively explain the mechanisms, key participants, and policy context surrounding these events.
Understanding World Liberty Financial (WLFI)
World Liberty Financial (WLFI) emerged in late 2024 as a project centered around digital tokens, with ties to the Trump family. Its governance token, WLFI, provides holders with certain rights, though these differ from typical decentralized finance (DeFi) governance models. The company’s legal representation asserts that the token possesses real utility.
The primary revenue model for WLFI is detailed in its Gold Paper, which stipulates that a Trump Organization affiliate is entitled to 75% of token sales revenue after accounting for expenses. Reuters utilized this document to construct its income model.
For the first half of 2025, Reuters estimates that WLFI token sales represented the largest source of cash inflow, constituting the majority of the family’s cryptocurrency earnings.
The Role of the Alt5 Sigma Transaction
In August 2025, WLFI announced a significant transaction with Alt5 Sigma, a deal through which Alt5 Sigma raised hundreds of millions of dollars to acquire WLFI tokens. This event acted as a major catalyst for demand, converting on-paper token value into realized cash for entities connected to the Trump name.
Further reporting around the same time detailed a broader strategy involving a $1.5 billion WLFI treasury linked to Alt5 Sigma. This initiative aimed to hold a substantial portion of the token’s supply, offering context for the scale of financial flows into WLFI.
TRUMP Memecoin’s Revenue Generation
The TRUMP coin was launched on January 17, 2025. Its creators earned a portion of the trading fees generated on Meteora, the initial exchange where the coin was listed. Within two weeks of its launch, on-chain data analysis firms, cited by Reuters, estimated that these fees ranged between $86 million and $100 million, with the majority occurring on Meteora.
Reuters’ analysis for the first half of 2025 modeled approximately $672 million in TRUMP coin sales. Assuming a conservative 50% share for Trump-linked interests, this would attribute around $336 million to them. The report acknowledges inherent uncertainties due to the lack of full disclosure regarding ownership and fee distribution.
Analysis of Token Purchasers
While most WLFI buyers are identified by pseudonymous wallet addresses, the investigation uncovered the involvement of several prominent participants and a concentration of foreign demand. The Aqua1 Foundation’s purchase of $100 million worth of WLFI tokens was highlighted. Additionally, reports indicate that Eric Trump and Donald Trump Jr. actively participated in international investor roadshows to promote the token.
The review also identified foreign investors as significant identifiable buyers. Although precise attribution is challenging, foreign participation among major WLFI holders appears considerable.
USD1 Stablecoin and Its Yield Stream
WLFI also promotes USD1, a stablecoin designed to maintain a peg to the U.S. dollar. Its reserves are reportedly backed by cash and U.S. Treasurys, with BitGo serving as the custodian.
Reuters reports that the reserves supporting USD1 generate an estimated annual interest run rate of $80 million at current yields. A portion of this interest accrues to a company in which the Trump Organization holds a 38% stake, though the exact amount realized in 2025 has not been specified.
In May 2025, Abu Dhabi-backed MGX announced a $2 billion investment in Binance. According to reports and public statements from WLFI, this investment was intended to be settled using USD1. This transaction serves as a prime example of how WLFI’s stablecoin is positioned to facilitate large-scale financial operations.
Methodology Behind Reuters’ $802 Million Figure
Given that much of the Trump business empire operates privately, Reuters combined information from presidential financial disclosures, property records, court-released financial data, and on-chain trading information. The analysis incorporated specific assumptions, such as the 75% revenue share for WLFI token sales and a 50% share for TRUMP coin sales, which were subsequently reviewed by academics and certified public accountants.
The outlet concluded that approximately $802 million of the Trump family’s income in the first half of 2025 originated from cryptocurrency ventures, contrasting sharply with the $62 million earned from their traditional businesses during the same timeframe.
💡 WLFI has contested elements of Reuters’ analysis, suggesting that the revenue model was overly simplified, wallet data was misinterpreted, and the project’s real-world utility was underestimated.
Policy Landscape and Conflict of Interest Questions
Since January 2025, the U.S. regulatory approach to cryptocurrencies has seen shifts. The Department of Justice disbanded its National Cryptocurrency Enforcement Team and refined its enforcement priorities. Concurrently, the U.S. Securities and Exchange Commission (SEC) either withdrew or paused several significant cases, including its motion to dismiss claims against Coinbase and dropping actions against other major industry players.
Ethics experts informed Reuters that a sitting president overseeing cryptocurrency policy while his family profits substantially from crypto assets presents an unprecedented conflict of interest, even if not legally prohibited.
Representatives for the White House and the involved companies have denied any allegations of wrongdoing.
Summary and Broader Implications
In essence, what appears as an $800 million surge in revenue is underpinned by a combination of brand-driven token sales, a memecoin’s fee-generating structure, a high-volume treasury transaction, and a yield-bearing stablecoin.
The reported figures are derived from documented revenue shares and modeled financial flows. However, the broader discussion revolves around the identities of the buyers, the transparency of these ventures, and the evolving U.S. regulatory stance during this period of significant financial activity.
This article is for informational purposes only and does not constitute investment advice. All investment and trading activities carry inherent risks, and individuals should conduct their own thorough research before making any decisions.