Donald Trump coin banks, playing cards, and merchandise items are sold at the Trump Turnberry golf resort in Turnberry, Scotland, Britain, 28 July 2025. President Trump is on a private trip to Scotland to visit his golf courses. EPA/TOLGA AKMEN / POOL By Tom Bergin and Koh Gui Qing
The filings, his annual disclosure for 2025 with the U.S. Office of Government Ethics, disclosed that his companies received almost $800 million from World Liberty Financial, a crypto venture he and his sons co-founded. That income, which the president splits with family members, included more than $520 million from sales of crypto tokens and more than $250 million from the sale of interests in the World Liberty business.
Trump reported another $635 million from the sale of his Trump meme coins.
The news underlines how crypto has transformed the president’s fortunes. In his disclosure a year ago, for example, the president reported $57.35 million from token sales at World Liberty, which then leaped nine-fold in this year’s filing.
Reuters recently estimated the Trump family has made at least $2.3 billion from crypto-related projects since Trump returned to the White House in 2025.
On taking office, Trump began to put in place policies and initiatives that the industry saw as beneficial, from implementing federal rules for stablecoins to dialing back policing of the industry by the U.S. Justice Department and the Securities and Exchange Commission.
For 2025, the president also reported over $80 million in income from settlements with various media companies and $52 million in income from his company licensing his name to overseas property developers, driven principally by deals with Middle Eastern partners.
White House spokesperson Anna Kelly said in a statement, “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.”
Kelly added: “All actions by President Trump and his administration are taken in the best interest of the American people – and any so-called ‘reporters’ pushing otherwise are recycling the same, tired, false narrative that Democrats and the legacy media have been pushing for a decade.”
While the White House has previously said the president’s business interests are currently overseen by his children, the president remains the beneficiary of the assets in the trust that ultimately receives the income.
NEW WEALTH DRIVEN BY CRYPTO
Although crypto is by far the largest driver of income for Trump, his traditional businesses — in particular golf courses and resorts — continued to bring in millions.
Trump reported a 15% rise in revenue at his golf and resort facilities to just over $500 million in 2025. The strongest increases were at clubs where the president has spent considerable time since his 2025 inauguration.
Revenue at his Mar-a-Lago club in Florida, which Trump dubbed the Winter White House, soared to $77 million from $50 million in 2024, while revenue at his golf club in nearby West Palm Beach jumped 27%. Revenue fell at Trump’s Los Angeles course last year.
Trump hosted winners of his second annual meme coin contest at Mar-a-Lago in April.Trump’s income from his real estate interests – the business in which he made his name – had less spectacular growth. He reported income from a dozen significant commercial real estate ventures, mainly interests in buildings he built or acquired decades ago. The filing doesn’t give specific rent figures for properties like Trump Tower in New York but rather income ranges. For most, the income range in 2025 was the same or lower than Trump reported a decade prior.
A spokesperson for the Trump family business, The Trump Organization, said in a statement that “the breadth and depth of this filing further underscores our commitment to transparency. 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.”
A spokesperson for World Liberty Financial declined to comment.
Don Fox, a former acting head of the federal ethics office, which oversees ethics regulations for federal workers and reviews financial disclosures, including Trump’s, said presidents and vice presidents are exempted from the ethics laws that prohibit conflicts of interest among executive branch employees.
“Every president in the post-Watergate era has managed his finances as though he were subject to conflicts of interest,” said Fox. “With Trump, those norms are just totally out the window.”
“He makes the case better than anyone that it’s time for additional ethics reforms. I think in terms of legislation, one thing that could be done would be to limit the types of investments he and the vice president ... can hold.”
(Additional reporting by Bhargav Acharya in Toronto and Bo Erickson and Douglas Gillison in Washington; editing by Michelle Nichols, Rod Nickel, Tom Lasseter and Cynthia Osterman)