Donald Trump earned more than $1.4 billion from his family’s crypto ventures last year, according to his latest annual financial disclosure.
The 927-page disclosure for 2025, which the U.S. Office of Government Ethics released on Tuesday, showed that crypto was the largest source of Trump’s incomelast year, according to the filing, dwarfing his earnings from real estate and legal settlements.
Trump reported earning more than $550 million from World Liberty Financial (WLF) sales of crypto tokens. WLF was launched in September 2024 by Trump’s sons and the sons of U.S. envoy Steve Witkoff, with Trump listed as “co-founder emeritus.” That figure is nine times that of his earnings from World Liberty token sales in his disclosure for 2024, which stood at over $57 million.
Another $260 million of income came from the sale of interests in the WLF business, the filings showed.
Trump also reported making more than $635 million from his memecoin business CIC Digital, his filings showed. That largely came from royalties from a license agreement with “Celebration Coins.” Trump launched his memecoin days before his inauguration last January.
CIC Digital also held at least $60 million worth of various cryptocurrencies in digital wallets.
Trump also made over $196 million from an equity sale of Stablecoin Holdco.
Trump’s assets are held in a trust overseen by his son, Donald Trump Jr., and his business empire, the Trump Organization, is managed by two of his sons. The trust is revocable, meaning that Trump has the authority to amend or revoke it, and to appoint or remove trustees. While the President and Vice President are required by law to declare their income and their assets, they are not subject to the ethics laws that prohibit conflicts of interest among most executive branch employees.
“Neither the President nor his family has ever engaged—or will ever engage—in conflicts of interest,” White House spokesperson Anna Kelly said in a statement to media outlets. “President Trump proudly made the United States the crypto capital of the world through executive actions.”
“All actions by President Trump and his administration are taken in the best interest of the American people—and any so-called ‘reporters’ pushing otherwise are recycling the same, tired, false narrative that Democrats and the legacy media have been pushing for a decade,” Kelly added.
TIME has reached out to the Trump Organization and World Liberty Financial for comment.
Crypto capital
At the start of his second term, Trump promised to make the U.S. the “crypto capital of the world.” He has endeavored to do this by appointing crypto-friendly regulators and backing legislation to make it easier for cryptocurrency firms to operate in the U.S.
In his first few days in office, Trump ordered the creation of a crypto working group, chaired by A.I. and crypto czar David Sacks. Last March, the President created a strategic bitcoin reserve and U.S. digital asset stockpile, and hosted the first White House crypto summit.
Last July, Trump signed into law the GENIUS Act, the first major federal regulatory framework that set standards for payment stablecoins.
During Trump’s second term, the Justice Department and the Securities and Exchange Commission have eased Biden-era crypto enforcement efforts, and banking regulators have rolled back regulatory restrictions on banks’ crypto activities. Trump pardoned several crypto heavyweights, including Silk Road founder Ross Ulbricht, three BitMEX founders, and Binance founder Changpeng Zhao.
At the same time, Trump’s family has invested heavily in crypto. Reuters reportedearlier this month that the Trump family made at least $2.3 billion from crypto-related ventures during Trump’s second term.
Trump has publicly embraced crypto since 2024, after earlier disparaging cryptocurrencies. And the crypto industry has returned his embrace.
Crypto firms were the top corporate contributor to this year’s primary and November elections, spending $189 million so far, according to a new report from Public Citizen, a consumer advocacy organization. That’s more than a third of all corporate spending on the elections.
Crypto was also the biggest corporate donor in the 2024 elections, contributing hundreds of millions of dollars across various congressional races and several million dollars to Trump’s presidential campaign.
Other earnings
Trump’s filings also showed that he continued to earn substantial income from his traditional business empire last year.
Trump valued more than two dozen assets at over $50 million, which is the highest disclosure category on the form. These included his Mar-a-Lago club in Florida, his Turnberry golf resort in Scotland, and his stake in Trump Media & Technology Group which owns Truth Social.
Revenue at Trump’s golf courses and resorts rose 15% to more than $500 million last year, according to the disclosure. Mar-a-Lago raked in $77 million, up from $50 million in 2024. In April, Trump hosted the winners of his second annual memecoin contest at Mar-a-Lago.
Trump also made $52 million from licensing the Trump name to overseas property developers, especially in the Middle East. The Trump Organization did not pursue new deals overseas during Trump’s first term, but has not followed the same policy in his second term.
Trump also reported earning more than $80 million from legal settlements with media companies.
Among the gifts Trump disclosed were tickets to major sporting events. These included 10 tickets to the World Cup final from FIFA President Gianni Infantino valued at $15,000; 10 tickets to the U.S. Open from tournament sponsor Rolex, valued at $25,000; and 10 tickets to Super Bowl LIX, valued at $50,000.
