President Donald Trump reported more than $1.4 billion in income from cryptocurrency ventures during his first full year back in office, according to his 2025 annual financial disclosure filed with the U.S. Office of Government Ethics on Tuesday.
Crypto ventures now account for a greater share of the president's earnings than his real estate holdings and licensing deals combined
Mandel Ngan / AFP via Getty Images
President Donald Trump reported more than $1.4 billion in income from cryptocurrency ventures during his first full year back in office, according to his 2025 annual financial disclosure filed with the U.S. Office of Government Ethics on Tuesday.
The 927-page document, for which the president was granted a 30-day extension before submission, spans his full range of financial holdings. Across all income categories, digital assets now account for a greater share of Trump's earnings than his real estate holdings and licensing deals combined, the document shows.
A licensing agreement with an entity called "Celebration Coins" was the single largest crypto line item, generating $635 million for Trump connected to his $TRUMP memecoin, the disclosure shows. The coin launched days before his January 2025 inauguration. Searches turned up no online presence for Celebration Coins, and the Trump Organization had not replied to a request for comment as of Tuesday night, NBC News reported.
Trump's other major crypto income stream came from World Liberty Financial, a venture he co-founded with his older sons. Token sales at World Liberty generated upward of $500 million, while equity stakes in the company contributed more than $200 million on top of that, Reuters reported. A year earlier, the comparable figure for World Liberty token sales had been $57 million.
World Liberty Financial's token sales have drawn scrutiny because the president receives 75% of net revenue from the project, creating what critics describe as a conflict of interest given Trump's role in setting cryptocurrency policy.
At Mar-a-Lago, the Florida club Trump has called his Winter White House, revenues climbed to $77 million, a roughly 54% jump from the $50 million recorded the year before. Trump National Doral, his Miami golf resort, posted $122 million in revenue, the filing shows. Trump also collected more than $80 million from legal settlements with media companies including ABC, CBS parent Paramount $PARA, Meta $META, and YouTube, according to The Wall Street Journal.
White House spokesperson Anna Kelly said in a statement: "Neither the President nor his family has ever engaged — or will ever engage — in conflicts of interest. President Trump proudly made the United States the crypto capital of the world through executive actions."
Ethics experts offered a different view. Don Fox, former acting head of the federal Office of Government Ethics, citing decades of precedent, said that voluntary adherence to conflict-of-interest standards had been a consistent expectation for presidents going back to the Watergate era. "With Trump," he said, "those norms are just totally out the window."
Breaking with the practice of recent predecessors, Trump entered office without selling off his holdings or placing them under independent management. His business organization has maintained that outside financial institutions oversee the assets.
Update, July 2, 2026: Trump raised the membership initiation fee at Mar-a-Lago to $1 million shortly before his reelection. The club has also hosted fundraising dinners for foreign dignitaries and GOP events, with Trump frequently dining on the patio in a setting that allows impromptu access to the president. (per Reuters)
Update, July 2, 2026: Vice President JD Vance earned between $1.4 million and $7.4 million in 2025, the bulk from royalties and advances on his memoir "Hillbilly Elegy." First Lady Melania Trump earned between approximately $17.3 million and $18.2 million last year, according to the same disclosure cycle. (per The Wall Street Journal)
Update, July 3, 2026: Trump's total disclosed income for 2025 was at least $2.2 billion, according to a New York Times analysis of the financial disclosure, a figure that includes roughly $1.4 billion from cryptocurrency ventures as well as his real estate, legal settlements, and other holdings. (per The Associated Press)
Join 500,000+ readers who start their day with Quartz.
By subscribing, you agree to our Terms of Service and Privacy Policy.