On the surface, Donald Trump's personal net worth appears to have changed little since his return to the White House: it was $6.5 billion on election day and is now $6.4 billion. However, a deeper examination of these figures reveals an unprecedented and striking shift in how he and his family are consolidating their wealth empire, and they are benefiting at a pace far surpassing previous times, leveraging their own fame, influence, and power.

Whether applying their brand to real estate projects or associating it with perfumes and mattresses, the Trump family has long leveraged licensing agreements to make quick profits, in contrast to the years of planning and execution typically required for real estate development. Now, with the advent of cryptocurrency, the Trump family has further accelerated the monetization of their brand.

Additionally, the Trump administration's relaxation of restrictions on overseas transactions has created a wealth feast. According to the Bloomberg Billionaires Index, cryptocurrency investments have brought Donald Trump at least $620 million in wealth appreciation in just a few months. This index has for the first time estimated the earnings of the Trump family from projects such as World Liberty Financial and Trump Meme Coin (TRUMP).

Trump's wealth is increasingly connected to encryption and Memecoin. Source: Bloomberg Billionaires Index (Note: Excludes liabilities. Publicly traded assets in the latest valuation as of the end of June.)

An increasing number of cryptocurrencies and lesser-known companies are gaining value through their association with Trump and his "Make America Great Again (MAGA)" movement, and the money earned by these cryptocurrencies and companies far exceeds the more than $34 million in revenue that the Trump Organization generated last year through real estate licensing deals. Eric Trump, executive vice president of the Trump Organization and Trump’s second son, stated, "I am incredibly proud of our outstanding company; we have never been stronger."

Although President Trump's assets are held in a trust managed by Donald Trump Jr., he personally still directly benefits from the success of the Trump Organization, and the Bloomberg Wealth Index attributes various family interests to this "patriarch." Currently, many private investments involving Trump's children have not been included, as the details of their financial interests remain unclear, including the private club Executive Branch in Washington, Metaplanet, which has transitioned from a Japanese hotel company to a Bitcoin hoarder, the broadcasting and podcast company Salem Media Group Inc., the prediction market startup Kalshi, and the online pharmaceutical retailer BlinkRX.

Despite Trump and his children venturing into the encryption field. Since December alone, Eric Trump and Donald Trump Jr. have spoken at events in Abu Dhabi, Washington, Dubai, and Las Vegas, sometimes individually and sometimes together. However, one of the biggest drivers of Trump's personal wealth is a domestic project that has been in the works for many years.

Eric Trump (left) and Donald Trump Jr. at the Bitcoin 2025 conference. Image source: Bloomberg.

In January of this year, the Trump National Doral resort was approved to build approximately 1,500 luxury apartments on the site, a long-held goal of the Trump family that requires extensive outreach to the community. According to Bloomberg, this project has caused the value of the more than 600-acre property in the Miami suburbs, which features four golf courses and a resort with over 600 rooms, to soar from $350 million to $1.5 billion.

At the same time, there has been significant volatility for Trump Media & Technology Group Corp., the publicly listed social media company under Trump. As the parent company of Truth Social, it reported a net loss of $401 million last year, but in October, it added over $4 billion to Trump's wealth. Now, even as the company attempts to venture into the financial and bitcoin sectors, Trump's stake is still valued at $2 billion.

However, the surge of encryption projects related to Trump has provided the family with new avenues for profit. The most notable among them is World Liberty Financial, a platform that sells its own tokens and issues a stablecoin called USD1. USD1 is a cryptocurrency designed to be pegged to the value of the dollar. The Trump family profits from this project through token sales, holding a portion of the parent company’s shares, and holding its World Liberty Financial tokens.

As of March, World Liberty has sold tokens worth $550 million. According to Bloomberg, about $390 million has flowed to the Trump family. The Trump family also owns 22.5 billion tokens, which are valued at over $2 billion based on the trading price of the tokens in June. Since these tokens are non-transferable, they are excluded from the calculation of Trump's net worth, although the company has indicated in recent weeks that this may change soon. According to details on the company's website, the Trump family reduced its stake in World Liberty from 60% to 40% last month. It is currently unclear who the buyer is, and it is also unclear what the Trump family has gained from this divestment.

World Liberty has also launched the stablecoin USD1. The tech investment company MGX, based in Abu Dhabi, stated that it will use the token to invest $2 billion in the cryptocurrency exchange Binance, significantly boosting the circulation of USD1. According to The Wall Street Journal, Binance founder Changpeng Zhao has been seeking a presidential pardon after admitting to violating U.S. anti-money laundering laws. He is currently serving as an advisor to World Liberty alongside cryptocurrency industry leaders Justin Sun and Pakistan's Cryptocurrency Committee chairman Bilal Ben Saqib.

Donald Trump attends the Bitcoin 2024 conference held in Nashville. Image source: Bloomberg.

According to calculations by Bloomberg, if we estimate based on the market capitalization of stablecoin issuer Circle Internet Group Inc. and the circulation ratio of USDC, World Liberty is valued at approximately $1.4 billion. Due to the limited adoption of USD1, Bloomberg did not include it in Trump's net worth, but its circulation of $2.2 billion suggests that World Liberty could earn about $100 million from reserves this year.

Another Memecoin named after a president (TRUMP) was launched two days before his inauguration. When the price of TRUMP rises, the Trump family will benefit: Fight Fight Fight and the Trump Organization's affiliate CIC Digital hold 80% of the TRUMP supply, with some tokens set to be gradually unlocked and sold over the next three years. Memecoins have no intrinsic value, and trading is entirely based on market sentiment.

Trump's Memecoin (TRUMP) has gained immense popularity due to its association with the current president's family, and its demand surged following a competition held in May this year. The competition invited 220 of the largest TRUMP token holders to a private dinner at Trump's golf club in Virginia, where he delivered a speech. Justin Sun was also one of the guests, and on his way to the event at Trump's golf club in Virginia, he posted a selfie wearing a black tie. Guests enjoyed filet mignon and pan-seared halibut, while outside, protesters held signs calling it a "scam fest."

Valuing Memecoins is very difficult, often because the creators of the tokens hold the vast majority of the supply, and once sold, the market collapses. The cryptocurrency risk modeling company Gauntlet found that the digital wallets associated with the creation of the Memecoin TRUMP hold nearly 17 million TRUMP tokens. These wallets have also transferred approximately 17 million TRUMP tokens to cryptocurrency exchanges.

On May 22, outside the Trump National Golf Club in Sterling, Virginia, activists from the "Our Revolution" organization held a protest. On that day, Trump hosted a private dinner inviting 220 of the largest holders of TRUMP tokens. Image source: Associated Press.

The Trump Organization holds 40% of the total supply of TRUMP tokens, which is consistent with its disclosed shareholding in World Liberty Financial. According to Bloomberg's calculations, after applying a large liquidity discount and accounting for nearly $300 million in trading and selling proceeds, Trump's Memecoin investment is valued at approximately $150 million, not including the 800 million tokens that will be unlocked later this month and over the next three years. At current prices, these 800 million tokens are worth over $7 billion.

Although World Liberty Financial and TRUMP were initially two independent projects, they have now intersected at least in one aspect: Eric Trump revealed that World Liberty Financial plans to significantly accumulate TRUMP tokens as part of the company's encryption asset reserves.

In addition, the Trump family holds a trump card in the field of cryptocurrency. American Bitcoin, an entity spun off from a small investment bank under Trump, is planning to become a publicly traded company, which will add another source of wealth from cryptocurrency for the Trump family. American Bitcoin was established in February this year, and a press release stated that it would focus on artificial intelligence infrastructure and data centers. By March, the company had developed a new strategy, shifting to the cryptocurrency field and rebranding.

Bitcoin miner Hut 8 Corp. has agreed to acquire a majority stake in American Bitcoin and transfer nearly all of its encryption mining equipment. Hut 8 Corp. plans to merge with the NASDAQ-listed low market cap company Gryphon Digital Mining Inc. to take the entire company public. The Trump family and their partners hold a 20% stake in American Bitcoin.

According to calculations by Bloomberg, Gryphon's stock price values the new joint venture at over $3 billion. Considering that the main asset of the new company will be the bitcoin mining equipment provided by Hut 8 (with a book value of about $120 million). By any traditional valuation standard, the figure of $3 billion seems excessively high. However, like many of the assets and businesses that make up Trump's new wealth, fundamentals are often not the focus.

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