The 927-page financial disclosure the US Office of Government Ethics released Tuesday contains one fact the industry needs to sit with honestly.
President Trump personally earned at least $1.4 billion from crypto ventures in 2025.
That is a conservative estimate.
Coinbase, the largest and most profitable publicly traded US crypto company, earned $1.26 billion in net income the same year.
Trump beat Coinbase by roughly $140 million. He beat CleanSpark, the next name on the list, by more than a billion dollars. Every US-listed crypto miner combined finished the year down more than half a billion dollars, while the sitting president personally cleared more than any company in the sector by any measure.
Source: Bloomberg, from corporate filings and financial disclosures
The composition of the number matters.
Roughly $594 million came from World Liberty Financial, the crypto firm his sons co-founded with the sons of Middle East envoy Steve Witkoff. About $515 million of that was token sales. Another $65 million came from equity in the WLF holding company. Trump is listed as “co-founder emeritus.”
Another $636 million came from CIC Digital LLC, Trump’s memecoin business, in what the disclosure describes as royalties from a licensing agreement with “Celebration Coins.” That is the memecoin Trump launched days before his inauguration in January 2025.
The remaining $197 million came from an equity sale of Stablecoin Holdco LLC, a Trump-affiliated entity connected to the USD1 stablecoin World Liberty issues.
Nearly all of Trump’s crypto income came from one-time token and equity sales, not recurring operating earnings. This is the extractive phase of a token launch, monetized at scale.
In addition, retail lost a staggering 98% of what they invested in Trump crypto ventures - roughly $2.3B on paper at current valuations. That is exactly how much the entire Trump family made last year.
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The industry has real reasons to be grateful to this administration.
The Trump White House signed the GENIUS Act into law in July 2025, giving stablecoins the first comprehensive federal regulatory framework in US history. It appointed Paul Atkins to run the SEC and Michael Selig to run the CFTC, both actively pro-crypto regulators. It dropped or settled enforcement actions against Coinbase, Kraken, Consensys, Robinhood, OpenSea, Cumberland, Ripple, and Justin Sun. It approved the first spot altcoin ETFs and the generic listing standards that compressed digital asset ETP approval timelines from as much as 240 days to as little as 75 days. It approved domestic perpetual futures. It fast-tracked the CLARITY Act. It ended the banking-access dynamics that had crippled crypto companies during the prior administration. It signed executive orders establishing a Strategic Bitcoin Reserve and a Digital Asset Working Group.
These are enormous, durable, industry-shaping policy wins. Every company on the chart above benefited from them. The industry should not be shy about acknowledging that fact.
Trump was asked Wednesday morning at Joint Base Andrews about the disclosure. He downplayed his personal involvement. “I don’t get involved in my personal – we have funds that run my money. What they do is, we gave it, I think it’s called a blind account. Basically, they take it, and I purposely, I never speak to any of the people that run the money.” Asked to respond to critics who say he is profiting from the presidency, Trump said, “Well, you know why I’m profiting is the stock market’s going up, everybody’s profiting.”
The White House position is that Trump’s assets are held in a trust managed by his adult sons, that there are no conflicts of interest, and that pro-crypto policy has been in the American economic interest. The Trump Organization called the 927-page disclosure “one of the most comprehensive financial disclosure reports ever submitted” and framed it as a demonstration of transparency.
Here is what needs to be said clearly.
No prior US president has personally been the largest individual beneficiary of an industry they were actively regulating - and that donated tens of millions to get them elected.
LBJ’s family owned broadcast stations that benefited from FCC decisions, but the scale was smaller and the regulatory nexus was less direct. Herbert Hoover made his mining fortune before entering public service. The railroad barons and their political allies in the nineteenth century probably come closest to the current arrangement, and that era is not remembered as one of America’s prouder chapters.
This is not a partisan observation. It is a structural fact. The president is personally financially entangled with an industry he is actively shaping through executive orders, regulatory appointments, and legislation his administration is publicly championing. He has complied with disclosure requirements. He is not accused of illegality. The behavior is what it is: legal, disclosed, and unprecedented in scale.
Crypto’s biggest 2025 fact is not the passage of the GENIUS Act. It is not the appointment of pro-crypto regulators. It is not the wave of ETF approvals or the fast-tracking of CLARITY.
Crypto’s biggest 2025 fact is that its most prominent political ally is also its largest individual private beneficiary, in a period when almost everybody else was a loser.
That creates specific structural vulnerabilities investors need to understand.
First, the pro-crypto policy environment becomes tied to one administration’s brand rather than a durable bipartisan consensus. Every regulatory win of the past year is one election cycle away from potential reversal.
Second, it makes crypto a partisan issue in a way the industry has spent a decade trying to avoid. Bipartisan crypto policy was a real possibility in 2023 and 2024. It is much harder to imagine in 2027 and beyond, because the industry’s biggest policy champion is also its biggest individual beneficiary, and the opposing party will not forget that.
Third, it compresses crypto’s timeline to durable legitimacy. Every conflict-of-interest headline about Trump crypto profits is also a headline about crypto. The industry does not control that association and cannot escape it.
Fourth, and most concretely, it changes retail sentiment. Crypto has spent years fighting the perception that it is a rigged casino built to enrich insiders. The 2025 disclosure gives that argument its most powerful visual: a chart in which the sitting president outearns every publicly traded company in the sector.
None of this means sell your bitcoin. None of it means the policy wins are not real. They are.
It means the pro-crypto policy environment is significantly more politically fragile than the industry commentary has been willing to admit. It means the current regulatory tailwind is time-limited by the electoral calendar. It means the industry needs to be building durable bipartisan support with the same urgency it built partisan support in 2024, and probably with more.
It also means investors should be honest about what the chart shows. In a year when the industry got everything it wanted from Washington, the largest individual winner was not Coinbase. It was not Michael Saylor. It was not any of the founders or executives of any publicly traded crypto company. It certainly was not the Average Joe. It was the president of the United States, personally, from token sales and memecoin royalties on projects launched by his family.
The chart is not an attack. It is a mirror.
The industry now has to decide what kind of story it wants to tell about itself over the next four years, because the story the chart tells is not the story crypto has been telling about itself for the past decade.
I’ll see you tomorrow.
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I really appreciate this post. It tells the story with clarity. What I don't understand is how everyone in the Bitcoin space didn't see this coming from the International Space Station. I was at the Bitcoin Conference where he spoke, and everyone was more than thrilled to hitch their wagon to an individual who has never taken, as far as I can tell, a principled action unless the principle is self-enrichment. And that is describing his behavior and character with unprecedented generosity. How people thought this wouldn't come roaring back and harm/burn/potentially fry the Bitcoin brand is utterly beyond me.
"The industry now has to decide what kind of story it wants to tell about itself over the next four years, because the story the chart tells is not the story crypto has been telling about itself for the past decade." YES. The story galloping across a largely uninformed globe (about Bitcoin - I couldn't give two shits about the rest of crypto, TBH) is going to be a hard one to correct. I'm glad to see someone addressing that very real inflection point.
(The Trump Family Closed Loop)
Follow the money.
The administration’s playbook for the AI race isn't just about massive deregulation—it’s a masterclass in building a closed-loop family monopoly.
First, federal regulators squeeze the public energy grid by fast-tracking data centers. Next, the administration demands tech giants stop draining public utilities and buy private power. Then comes the kicker: Donald Trump’s publicly traded company (TMTG) pulls off a $6 billion merger with a nuclear fusion startup to sell... utility-scale power to AI data centers.
Slash the regulations, choke the public grid, and position your family’s business to sell the cure.
The full, unfiltered deep dive into the ultimate insider deal:https://triggledger.substack.com/p/looting-the-taxpayer-inside-the-multi?utm_source=share&utm_medium=android&r=8gc1qf