Topline
President Donald Trump’s decentralized finance initiative, World Liberty Financial, has successfully raised $52.1 million through private sales of its cryptocurrency token, potentially benefiting him and his family by tens of millions, according to a recent filing with the Securities and Exchange Commission (SEC). The financial report indicated that World Liberty Financial distributed $50.7 million, including to Trump himself, from further token sales.
Key Facts
Trump and his family hold approximately 40% ownership of World Liberty Financial, a decentralized finance platform that was introduced in September 2024 and aims to create a blockchain-based protocol. On October 15, 2024, the company commenced sales of its crypto token, $WLFI, which does not confer ownership of the privately held firm but does provide holders with voting rights on specific protocol matters. Initially, the tokens were non-transferable. A filing submitted at the end of October disclosed that World Liberty Financial had sold $2.7 million worth of tokens to 348 accredited investors, with an overall sales goal of no more than $30 million, indicating that all proceeds would remain within the company without benefiting Trump or other founders. However, a more recent SEC filing revealed that the firm sold an additional $52.1 million in tokens to 1,966 investors, distributing $50.7 million to Trump and other founders, diverging from the earlier strategy of retaining all sales proceeds within the company. If the distributions matched current ownership percentages, the Trump family could have received around $20 million, although the filings do not specify individual payouts, and experts noted that there is no obligation for these payments to be proportional.
What We Don’t Know
While World Liberty Financial acknowledged in its recent SEC filing that it sold tokens to “non-US persons” during a separate transaction, it did not disclose the amounts involved or the identities of these buyers, stating that such information is not mandated by U.S. securities regulations.
What To Watch For
On Wednesday, World Liberty Financial requested token holders to approve a plan that would allow some tokens to become transferable; voting is set to close on July 16. Under this proposal, tokens owned by founders, team members, and advisors—including Trump—would remain locked initially and would follow a more extended unlock schedule compared to earlier supporters.
Contra
White House Deputy Press Secretary Anna Kelly addressed inquiries regarding the transaction, stating, “President Trump is committed to establishing America as the global hub for cryptocurrency and transforming our digital financial landscape.” She emphasized that Trump’s assets are managed in a trust overseen by his children, asserting that there are no conflicts of interest. An ethics paper released by the Trump Organization earlier noted that the Constitution does not prohibit a president from operating a private business. However, to minimize any appearance of conflict, the company engaged an external ethics advisor and indicated that Trump would not directly manage the company. Nonetheless, the Trump Organization later terminated that advisor at Trump’s direction.
Key Background
Trump can generate income from his businesses while serving as president through the Donald J. Trump Revocable Trust, which he utilized during his previous term. He is the sole donor and beneficiary of the trust, with Donald Trump Jr. acting as the trustee. The Trump Organization confirmed in an April filing in the UK that Trump maintains control over his business interests. As president, he has committed to making the U.S. the “crypto capital of the world,” aligning with his growing investments in digital currencies. World Liberty Financial initially earmarked 22.5 billion of its 100 billion $WLFI tokens for Trump and his family. An additional 35 billion tokens were available for public sale, while the remainder was allocated to other founders, employees, and community incentive reserves. The Trump family’s ownership stake in the company was approximately 75% by the end of December, reduced to about 60% by late January, and still appeared to be at that level on World Liberty Financial’s website as of June 8, before being updated to around 40%. The timeline and reasons for these ownership changes remain unclear. World Liberty Financial also offers a stablecoin called USD1, which is pegged to the U.S. dollar and backed by Treasuries and cash equivalents.
Big Number
$57.4 million: This figure represents Trump’s earnings from World Liberty Financial, according to a financial disclosure released in June, which covers roughly a 12-month period concluding in December 2024.
Surprising Fact
The number of investors in World Liberty Financial increased dramatically from 348 last fall to nearly 2,000 by mid-2025—a significant surge for a private placement, which Marcus Walter, a partner at the law firm Caldwell, described as resembling a mini-IPO and potentially introducing regulatory challenges.
News Peg
In June, the Senate passed the Genius Act, a bill supported by the crypto industry that would establish new regulations for stablecoins like World Liberty Financial’s USD1. The House may vote on this legislation as early as next week, according to reports. In response to Trump’s endeavors in the crypto space, Senator Jeff Merkley, D-Ore., introduced the End Crypto Corruption Act in May, which seeks to prohibit presidents and other high-ranking officials from “issuing, endorsing, or sponsoring crypto assets.” This bill is currently under consideration with 25 co-sponsors, all of whom are Democrats along with Independent Bernie Sanders. Recently, Republicans obstructed Merkley’s attempt to attach a similar measure as an amendment to another bill.
Chief Critic
“Currently, individuals wishing to gain influence with the president can financially benefit him personally by purchasing cryptocurrency that he owns or controls,” Merkley stated when announcing his legislation. “This creates a deeply corrupt arrangement that jeopardizes our national security and undermines public trust in government.”
Tangent
Steven Witkoff, co-founder emeritus of World Liberty Financial and Trump’s Special Envoy to the Middle East, is also listed in the SEC filing as a recipient of funds from the token sale.
Forbes Valuation
Forbes estimates Donald Trump’s net worth at approximately $5.2 billion, with a significant portion of that wealth attributed to his investments in cryptocurrency.
