The Trump family’s newest source of funding isn’t real estate, hotels, or golf courses. It’s a code. According to a Reuters internal investigation, the flow of funds is rapid.
In the first half of this year alone, the Trump Organization raised $864 million, up from $51 million a year earlier. More than 90% of that came from crypto ventures tied to the family.
At its core is World Liberty Financial. The project was launched in September 2024, but the promised peer-to-peer financial platform has yet to materialize.
Even though the system is not yet complete, token sales and related businesses have already brought the family’s crypto revenue to $1 billion.
A key moment came in May when Eric Trump traveled to Dubai to meet potential backers. On the sidelines of a crypto conference, he met with Chinese businessman Honglian “Bobby” Chou.
Eric promoted the idea that traditional banks were inefficient and that World Liberty represented America’s “financial future.”
The proposal required a minimum investment of $20 million in WLFI governance tokens. Those present later described the underlying technology as “rudimentary.” At the time, the business didn’t have a functioning platform. Not yet.
Foreign buyers increase token amount
Nevertheless, the pitch landed. On June 26, an entity called Aqua1 Foundation, which claims ties to the United Arab Emirates, agreed to purchase $100 million worth of WLFI tokens. This was the largest purchase of the token at the time.
Zhou, who was at the Dubai meeting, has since been implicated in a money laundering investigation in British records, as well as a Chinese civil court judgment over unpaid loans totaling 19.4 million yuan.
One legal filing states he was tried in absentia for failing to appear in court.
Critics say it’s not the technology that’s appealing to some buyers. “These people aren’t putting money into the Trump family’s business coffers because of their brother’s acumen,” said Kathleen Clark, a law professor and government ethics expert. “They’re not putting their money into the Trump family’s business coffers because they want the freedom from legal constraints and impunity that only a president can provide.”
In addition to Aqua1, a Nasdaq-listed blockchain services company called Alt5 Sigma also raised $750 million and purchased 7.5% of all WLFI tokens before being allowed to trade.
Company filings show that nearly all of that money went directly to purchasing tokens from World Liberty. Those filings calculate that the Trumps earned about $500 million in that single move.
Token sales reshape household income
A Reuters review of wallet data found that 36 of the 50 largest WLFI token wallets are likely controlled by overseas buyers, holding around $804 million in tokens.
Only four involved U.S. investors. One of these US wallets held $781 million and belonged to Alt5 Sigma.
Another wallet worth $35 million belonged to a World Liberty security advisor. For the remaining 10 wallets, it could not be determined whether they were made overseas or domestically.
From January to June, $463 million of Trump’s crypto cash came from WLFI token sales. Another $336 million came from the sale of the $TRUMP meme coin. Estimates regarding meme coins are subject to more uncertainty due to limited transparency.
World Liberty is promoting future products, including a crypto deposit app, a borrowing service, and a stablecoin called USD1 issued by another company that will give World Liberty a cut of the profits.
However, compared to market-leading stablecoins, the circulation of USD1 remains low. WLFI token holders can vote on limited governance issues, but cannot distribute profits to themselves, which sets this platform apart from other tokens in the same sector.
When WLFI began trading on the exchange on September 1st, the price rose from $0.31 to $0.46, before falling by about 65% within three days. It is currently trading at around $0.14. However, token sales will continue. And the money keeps flowing.
