President Donald Trump reported more than $1.4 billion in income from cryptocurrency ventures in 2025, according to his annual financial disclosure filed Tuesday with the US Office of Government Ethics. The 927-page document, which the Trump Organization described as "one of the most comprehensive financial disclosure reports ever submitted," shows digital assets have displaced real estate as the primary source of the president's income.
The filing disclosed $635 million in royalties from a licensing agreement with Celebration Coins tied to his Trump meme coin, which launched days before he took office and has since dropped sharply in value. Separately, companies connected to Trump received nearly $800 million from World Liberty Financial, the crypto platform co-founded by his sons and the children of his special envoy Steve Witkoff. That $800 million figure included more than $520 million from token sales and more than $250 million from the sale of interests in the business. The filing also showed $197 million from an equity sale in a stablecoin venture.
A year ago, Trump's disclosure reported $57.35 million from World Liberty token sales. The equivalent figure in Tuesday's filing was more than $520 million, a nine-fold increase in a single year, per Reuters.
"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," White House spokesperson Anna Kelly said in a statement.
A president who once called Bitcoin a scam now holds it
Trump's own crypto holdings appeared in the filing. He reported owning more than $50 million in Bitcoin and between $5 million and $25 million in Ether, both held in cold wallets, along with positions in USDC and USD Key.
President Trump just disclosed that he owns more than $50m of Bitcoin in a cold wallet pic.twitter.com/EbjwR1abGV
— Galaxy Research (@glxyresearch) June 30, 2026
Trump once publicly called Bitcoin a "scam" and "a disaster waiting to happen." His 2025 disclosure tells a different story. Since returning to the White House, his administration signed the GENIUS Act into law in July 2025 to establish federal rules for stablecoins, scaled back enforcement at the Securities and Exchange Commission under its Trump-appointed chair Paul Atkins, and issued executive orders favorable to the digital asset industry.
Reuters estimated the Trump family has made at least $2.3 billion from crypto-related projects since Trump began his second term.
Real estate revenue grew, but not at the pace crypto did
Trump's traditional businesses continued to generate substantial revenue. Golf courses and resorts brought in just over $500 million in 2025, a 15% increase from the prior year. Mar-a-Lago revenue jumped from $50 million to $77 million. His golf club in West Palm Beach recorded 27% revenue growth. His Los Angeles course saw a decline.
He reported more than $30 million each from clubs in Bedminster, New Jersey, Jupiter, Florida, and Turnberry, Scotland. Additional income included $4.7 million in royalties from Trump-branded watches, along with branded Bibles, trainers, fragrances, and guitars.
The filing also listed $86.5 million from legal settlements with media companies, including $16 million from ABC, $24.5 million from Meta, $22 million from YouTube, and $16 million from CBS Broadcasting and CBS Interactive. The White House said most of those funds were directed toward a presidential library and a nonprofit focused on Washington DC park maintenance.
First Lady Melania Trump listed $10.7 million from a license agreement related to a documentary released about her in 2025, along with $6 million from NFT sales.
Ethics office oversight and the limits of disclosure law
Presidents are legally exempt from the federal conflict of interest statutes that apply to other executive branch employees. Don Fox, a former acting head of the federal ethics office, said that legal carve-out has not historically meant presidents ignored norms around financial entanglement.
"Every president in the post-Watergate era has managed his finances as though he were subject to conflicts of interest," Fox told Reuters. "With Trump, those norms are just totally out the window."
Fox said legislation restricting the types of investments a sitting president or vice president can hold would be a meaningful reform.
The filing drew public criticism from nonprofit consumer advocacy group Public Citizen.
"Trump's personal profit interest has now aligned him with the crypto industry, paving the way for dangerous legislation that will facilitate mass rip-offs and even threaten financial system stability," said co-president Robert Weissman, who called on Congress to respond.
Justin Sun's investments and a paused federal lawsuit
Chinese billionaire Justin Sun spent $75 million on World Liberty Financial governance tokens and another $200 million on its souvenir coins. A federal fraud lawsuit against Sun was paused in February 2025 before a settlement was reached with a $10 million fine. Sun denied that his World Liberty investments were connected to the federal case. World Liberty Financial dismissed conflict of interest allegations.
The Trump Organization's statement framed the size of the disclosure as a sign of accountability.
"The breadth and depth of this filing further underscores our commitment to transparency," the spokesperson said. "At nearly 1,000 pages, it represents one of the most comprehensive financial disclosure reports ever submitted and demonstrates a level of financial transparency unmatched in presidential history."
By comparison, former President Joe Biden's financial report for his last full year in office was 11 pages.
Tanya Petrusenko
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