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US President Donald Trump’s 2nd word successful bureau has coincided with an bonzer summation successful his idiosyncratic wealth, overmuch of it linked to a sprawling cryptocurrency empire built by the president and his family.
According to a Financial Times investigation, Trump’s crypto ventures person generated much than $1 cardinal successful pre-tax nett implicit the past year. Trump’s son, Eric, confirmed to the outlet that the family’s existent profits were “probably more.”
At the halfway of this caller luck is World Liberty Financial, a crypto institution founded by Trump’s sons and allies, which has sold billions of dollars successful tokens and stablecoins. The project, whose website identifies President Donald Trump arsenic “co-founder emeritus,” launched past twelvemonth with plans for a crypto-lending app.
In June, Trump disclosed $57.4 million successful income from his engagement with World Liberty Financial. Last month, the Trump family’s involvement successful the task surged to $5 billion aft a token unlock. The FT estimates the household has earned $550 cardinal from WLFI this year.
Trump household launches memecoins
The Trump household has besides profited from memecoins similar Official Trump (TRUMP) and Official Melania Meme (MELANIA), which collectively brought successful hundreds of millions of dollars done income and trading fees.
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Per the FT report, the TRUMP memecoin has brought the household $362 cardinal successful profit, portion MELANIA has made $65 million. Notably, the TRUMP memecoin is down by much than 90% from its all-time high, portion MELANIA has performed adjacent worse, down much than 99% from its high.
Finally, the Trump household bagged $42 cardinal from USD1, the stablecoin issued by World Liberty. Since its motorboat successful aboriginal April, the Trump family-backed stablecoin has go the world’s fifth-largest stablecoin with a marketplace headdress of $2.68 billion, according to CoinMarketCap.
Trump household earns implicit $1 cardinal from crypto ventures. Source: Financial TimesMeanwhile, Trump’s idiosyncratic involvement successful Trump Media & Technology Group, the genitor institution of Truth Social and a Bitcoin treasury operation, is present valued astatine astir $1.9 billion, according to the FT report.
On Wednesday, billionaire Peter Thiel–backed Erebor received preliminary regulatory approval to motorboat a slope aimed astatine serving crypto, AI and tech startups. The slope reportedly has ties to Trump.
Related: Bitcoin miners rally arsenic Trump eases China tariff fears
Trump’s crypto ventures crook to treasury firms
Last week, it was reported that the startup down Trump’s authoritative memecoin is seeking to rise astatine slightest $200 million to physique a digital-asset treasury aimed astatine buying backmost the token to enactment up its value.
In August, ALT5 Sigma Corporation announced plans to rise $1.5 billion through the merchantability of 200 cardinal communal shares astatine $7.50 each to physique retired its WLFI firm treasury.
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