During his second term as President of the United States, Donald Trump saw a significant increase in his personal wealth, a large portion of which came from the vast cryptocurrency empire built by him and his family.
The Financial Times investigation revealed that Trump's cryptocurrency business generated over $1 billion in profits over the past year. Eric Trump confirmed to the media that the actual profits "could be even more."
At the core of this new wealth is World Liberty Financial, a cryptocurrency company founded by Trump's son and his allies, which has sold billions of dollars in tokens and stablecoins. The project's official website lists Trump as an "honorary co-founder," and it launched last year with plans to introduce a cryptocurrency lending application.
In June of this year, Trump disclosed that his involvement with World Liberty Financial generated $57.4 million in revenue. Last month, as tokens were released, the family's stake in the project rose to a value of $5 billion. According to estimates by the Financial Times, the family has already made $550 million in profits from WLFI this year.
The Trump family has also profited from the TRUMP meme coin and the MELANIA meme coin, which together generated hundreds of millions of dollars in revenue through sales and transaction fees.
The Financial Times also noted that the TRUMP meme coin brought in $362 million in profits for the family, while the MELANIA meme coin generated $65 million. It is worth noting that the TRUMP meme coin has fallen over 90% from its historical peak, while the MELANIA meme coin has dropped more than 99%.
Additionally, the Trump family earned $42 million through the USD1 stablecoin issued by World Liberty. Since its launch in early April, this family-backed stablecoin has become the fifth largest stablecoin globally, with a market capitalization of $2.68 billion, according to CoinMarketCap data.
At the same time, the media disclosed that Trump's personal stake in Trump Media & Technology Group (the parent company of Truth Social and its Bitcoin reserve business) is currently valued at approximately $1.9 billion.
On Wednesday, Erebor, backed by billionaire Peter Thiel, received preliminary regulatory approval to serve cryptocurrency, artificial intelligence, and tech startups. Reports indicate that the bank has ties to Trump.
Last week, it was reported that the startup behind Trump's official meme coin is seeking to raise at least $200 million to establish a digital asset reserve company to buy back tokens and stablecoins and enhance their value.
In August, ALT5 Sigma Corporation announced plans to sell 200 million common shares at $7.50 per share, raising $1.5 billion to expand WLFI's corporate asset reserves.
Related: 95% of institutional Ethereum purchases occurred in the third quarter—could this be the start of an ETH supercycle?
Original article: “Report claims Trump’s second term brought $1 billion in crypto wealth to his family”
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