Key Takeaways
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Reuters estimates Trump-linked ventures earned $802 million in crypto in early 2025.
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Income was primarily derived from WLFI tokens, the TRUMP coin, and USD1 stablecoin yields.
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A deal with Alt5 Sigma and foreign buyers facilitated the conversion of token value into cash.
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Experts noted potential conflict concerns as US crypto enforcement measures eased.
Crypto Income Surpasses Traditional Revenue Streams
In the first half of 2025, ventures linked to Donald Trump reportedly generated approximately $802 million in cryptocurrency income. This substantial revenue was mainly attributed to sales of World Liberty Financial (WLFI) tokens and the Official Trump (TRUMP) memecoin, significantly outperforming income from golf, licensing, and real estate ventures.
A detailed investigation by Reuters, supported by methodology papers, outlines the sources of this income and the methods used for its calculation. This guide aims to explain the underlying mechanisms, the involved parties, and the relevant policy context.
Understanding World Liberty Financial (WLFI)
World Liberty Financial (WLFI) was introduced in late 2024 as a token-centric initiative connected to the Trump family. The project's governance token, WLFI, grants holders limited rights when contrasted with typical decentralized finance (DeFi) governance frameworks. A legal representative for the company asserts that the token possesses "real utility."
The primary method of monetization is quite direct. According to WLFI's "Gold Paper," an affiliate of the Trump Organization is slated to receive 75% of the revenue from token sales after accounting for expenses. Reuters based its income model on this document.
For the initial six months of 2025, Reuters' estimates indicate that WLFI token sales were the most significant source of cash, constituting the majority of the family's cryptocurrency earnings.
The Role of the Alt5 Sigma Deal
In August 2025, WLFI entered into an agreement with Alt5 Sigma, a Nasdaq-listed company, which raised hundreds of millions of dollars specifically to acquire WLFI tokens. This transaction acted as a significant catalyst for demand, effectively converting a portion of the token's notional value into realized cash for entities associated with Trump.
Further reporting from August detailed an extensive plan for a $1.5-billion "treasury" strategy for WLFI, connected to Alt5. This strategy intended to retain a substantial part of the token supply, providing insight into the scale of financial flows into WLFI.
Revenue Generation from the TRUMP Memecoin
The TRUMP coin was launched on January 17, 2025. Its creators benefited from a share of the trading fees generated on Meteora, the exchange where it initially debuted. Within two weeks of its launch, on-chain forensic firms cited by Reuters estimated that between $86 million and $100 million in fees were collected, with the majority originating from Meteora.
In its analysis covering the first half of 2025, Reuters modeled approximately $672 million in coin sales. Assuming a conservative 50% share, the outlet attributed around $336 million to interests connected with Trump. The methodology acknowledges inherent uncertainties due to the lack of full disclosure regarding ownership and fee distribution.
Buyer Identification
While the majority of WLFI purchasers are identified through pseudonymous wallet addresses, the investigation did identify several prominent participants and noted concentrated demand from foreign buyers. The investigation specifically highlights the Aqua1 Foundation's $100-million purchase of WLFI tokens. Additionally, reports indicate that Eric Trump and Donald Trump Jr. were involved in a global investor roadshow to promote the token.
The review also points out that among the identifiable major buyers are overseas investors. Although definitive attribution remains probabilistic, foreign participation appears to be a significant factor among large WLFI holders.
The USD1 Stablecoin and Associated Interest
WLFI also promotes USD1, a stablecoin pegged to the US dollar. Its reserves are backed by cash and US Treasury securities, with custody managed by BitGo.
Reuters reports that the reserves supporting USD1 are generating an estimated annual interest income of $80 million at current yields. A portion of this interest accrues to a company in which the Trump Organization holds a 38% ownership stake, although the precise amount realized for 2025 has not been specified.
In May 2025, the Abu Dhabi-backed entity MGX announced a $2-billion investment in Binance. According to reports and public statements from WLFI, this investment was expected to be settled using USD1. This transaction serves as a prime example of how WLFI's stablecoin is positioned to facilitate very large-scale financial operations.
Reuters' Calculation Methodology
Given that a significant portion of the Trump business empire operates privately, Reuters compiled information from presidential disclosures, property records, court-disclosed financial documents, and on-chain trade data. The investigation then applied specific assumptions, such as WLFI's 75% revenue share for WLFI token sales and a 50% share for TRUMP coin sales. These assumptions were subsequently reviewed by academics and certified public accountants.
The outlet concluded that nearly $802 million of the Trump family's income in the first half of 2025 originated from cryptocurrency ventures, in contrast to the $62 million earned from their traditional businesses.
Note: WLFI has contested certain aspects of Reuters' analysis, arguing that its revenue model was oversimplified, wallet data was misinterpreted, and the project's real-world utility was not adequately considered.
Policy Environment and Conflict of Interest Concerns
Since January 2025, the United States' approach to cryptocurrency enforcement has undergone a notable shift. The Justice Department dissolved its National Cryptocurrency Enforcement Team and narrowed its focus, while the US Securities and Exchange Commission (SEC) either dropped or paused several significant cases, including its motion to dismiss against Coinbase and the termination of actions against other major firms.
Ethics experts have informed Reuters that a sitting president overseeing cryptocurrency policy while his family derives substantial income from crypto ventures presents an unprecedented conflict of interest, even if it does not constitute an illegal act.
Representatives from the White House and the involved companies have denied any allegations of wrongdoing.
Summary of Findings and Broader Implications
The reported $800-million "gold rush" appears to be a combination of brand-driven token sales, revenue-generating memecoin mechanisms, a high-volume treasury transaction, and a yield-bearing stablecoin.
The reported financial totals are derived from documented revenue splits and modeled financial flows. However, the controversy surrounding these figures centers on the identities of the buyers, the degree of transparency maintained by these ventures, and the timing of shifts in US policy concurrent with the influx of funds. For observers of cryptocurrency politics, this situation serves as a current case study on incentives, disclosure practices, and governance risks.