How Trump family amassed a $6B fortune thanks to cryptocurrency
What's the story
The Trump family has added as much as $6 billion to their paper wealth after the launch of a new cryptocurrency. The digital currency, WLFI, was launched by World Liberty Financial, the Trump family's flagship crypto venture. Its trading debut was similar to an initial public offering (IPO), allowing people to buy and sell WLFI on the open market like shares of a listed company.
Market impact
Trump family's stake in WLFI
Prior to its trading debut, WLFI was only available for private purchase from World Liberty Financial. Now, the tokens can be traded publicly. The Trump family owns nearly 25% of all existing WLFI tokens. Donald Trump's sons are co-founders of World Liberty Financial, with their father serving as a "Co-Founder Emeritus."
Asset valuation
Crypto now Trump's most valuable asset
The launch of WLFI trading has put a real-world valuation on the Trump family's holdings. Previously, these were valued based on private sales. Now, WLFI is likely their most valuable asset, surpassing their decades-old property portfolio. Despite continuing to pursue property deals around the world since taking office, this fast-moving crypto business has had the biggest impact on their wealth.
Business expansion
Trump helped launch World Liberty Financial last year
President Trump helped launch World Liberty Financial a year ago, while campaigning. The company has seen significant growth this year as the president has driven the crypto industry from the White House. Ahead of WLFI's trading debut, World Liberty Financial took over a publicly-listed company and raised $750 million in cash from investors to buy cryptocurrency.
Market activity
Wealth surges on WLFI trading debut
The trading of WLFI on crypto exchanges surged on Monday, with about $1 billion worth of tokens changing hands within an hour. On Binance, the most popular exchange, WLFI traded between 24 cents and 30 cents per token. At the higher price, the Trump family's stake in WLFI is worth over $6 billion.
Crypto holdings
Other assets in the crypto space
The Trump family's crypto portfolio also includes stakes in other businesses. They control nearly 80% of $Trump, a memecoin worth several billion dollars. A trust owned by Trump holds just over half of publicly-listed Trump Media, which runs his Truth Social platform and invests in cryptocurrencies. This stake is worth around $2.5 billion.