Donald Trump has disclosed almost $60 million in income from one of his cryptocurrency ventures, highlighting how the US president has benefited from his embrace of the digital asset industry, says a report by foreign outlet Financial Times.
Trump on Friday reported income of $57.4 million derived from his involvement with World Liberty Financial, a cryptocurrency group he backs with his sons Donald Jr and Eric, said the report published on Saturday.
The more than 200-page filing, published by the US Office of Government Ethics, an ethics watchdog, shows that Trump holds 15.75 billion governance tokens -- which provide him with voting rights -- in the World Liberty Financial venture.
The cryptocurrency enterprise was among the largest sources of income among hundreds of items, including earnings from books and property investments.
The annual financial disclosure is likely to heighten scrutiny of Trump’s financial entanglements with the crypto industry, which have prompted concerns about potential conflicts of interest, the Financial Times report added.
The White House did not immediately respond to a request for comment. World Liberty Financial said in January it had sold 21 billion tokens in a public sale, reaching its goal to generate $1 billion. A 2024 filing with the US Securities and Exchange Commission described Trump’s special envoy Steve Witkoff as a ‘promoter’ of WLF.
Trump’s public support has helped fuel a rally in crypto markets, propelling the price of bitcoin above $100,000 a coin. The SEC, under the leadership of chair Paul Atkins, has dropped several high-profile cases against crypto groups. Trump has also repeatedly touted his own $TRUMP memecoin on social media -- and last month hosted a gala dinner for its biggest holders, the report said.
The Trump family media company last week said it hoped to launch its own exchange traded fund that would directly hold bitcoin, and in May said it would raise $2.5 billion to create a “bitcoin treasury”.
Eric Trump and Donald Trump Jr in May told a bitcoin conference in Las Vegas that transacting with cryptocurrencies was “cheaper”, “faster”, “safer” and “more transparent” than fiat currencies.