White House reports suggest that Trump’s crypto empire could be worth nearly $1 billion
On last year’s campaign trail, then-Donald Trump promised the crypto industry that he would become the first president to adopt blockchain technology. At the time, he also made no mention of his plans to make Crypto the cornerstone of his growing business empire.
On Friday, the White House released Trump’s first Financial Disclosure Report As president, reveal new details of him Business venture websiteincluding his golf courses, sponsorship deals and public media groups. In particular, the report also provided a window into World Liberty Financial, Trump’s crypto platform, which his sons announced last summer.
According to the disclosure, Trump has earned more than $57 million from token sales on the platform and owns nearly 16 billion governance tokens (crypto version of voting stocks) that have been terminated by global freedom. Based on previous sales of these tokens to accredited investors who valued them between 1.5 cents and 5 cents, Trump’s holdings are worth nearly $1 billion, but the tokens are currently not traded. Recently Bloomberg Estimated His total net worth is approximately $5.4 billion.
As a government watchdog Make a claim Trump’s venture in the crypto industry represents a conflict of interest with Congress Discussion Blockchain regulations, a new report, provides the first substantive view of the growing entanglement of the president with digital assets.
First Crypto Chairman
Before taking up his third president, President Trump described Bitcoin as a “scam” just a few years ago, expressing his skepticism over the code. However, he has been increasingly embracing the blockchain industry on campaign trails last year. Coinbase And Ripple poured tens of millions of dollars into donations. This is a response to the Biden administration’s crackdown on the sector.
Trump not only promoted technology at industry events; Bitcoin Last summer’s meeting also began exploring his own ventures in the space. Trump had before Release The series of NFTs, but the new projects represent a full-scale move into the crypto business, primarily through the world’s Liberty Financial vehicles.
The platform, first announced last August by his son Eric, promised a “new era of finance” although its exact features are still unknown. Over the next few months, World Liberty launched a series of products. This includes governance tokens and stubcoins with dollars called USD1. Used It will invest $2 billion in major crypto exchange Binance in May.
While the exact ownership structure of global freedom and potential profits from Trump’s token sales were largely unclear, the financial disclosure report provides the first details on the president’s profits, including $57 million that won to sell tokens. World Liberty has provided WLFI to accredited investors including Justin San, a Chinese crypto entrepreneur who was previously charged by the Securities and Exchange Commission, which was withdrawn after Trump took office.
The report does not include details of Trump’s other major crypto projects. Release The weekend before he took office. Trump’s memo coin has plummeted in value since its release, dropping from its market capitalization of $9 billion in January to around $2 billion today, but remains a source of potential profits and controversy for Trump, who is likely to own around 80% of his total supply. Trump hosted dinner For the May Memecoin top holder, Draw a criticism From lawmakers on the aisles and across the industry lobbyists.
Trump continues to promote priorities in the crypto industry, including legislation in Congress that establishes regulations on stablecoins and token issuance. But despite the property dominating his holdings, Friday’s financial disclosure report shows an increase in the importance of crypto to his business empire.
This story was originally introduced Fortune.com