Is Trump going to build a "Crypto Monopoly"? (Related reading: "Monopoly Game 'Old Fan' Trump Enters Chain Games, Another Move in the Crypto Track")
Although Trump has stirred unrest around the world since taking office, it must be acknowledged that he is undoubtedly the most financially savvy president in history. In addition to his well-known real estate ventures, his media technology company, and the highly questionable stock operations, he has opened up a new profit channel—cryptocurrency—earning at least $1 billion from it.
As of today, Trump's crypto landscape has continuously expanded, from the initial NFTs to DeFi, from MEME to stablecoins, and finally extending to mining. A new crypto empire named after Trump seems to be rising. Recently, according to Fortune, the Trump family is suspected of targeting the chain game sector.
Looking back at Trump's crypto journey, it all started with digital cards. In June 2021, Trump was still advocating for the "Great Dollar Theory," denouncing cryptocurrencies as a "scam" that undermines the value of the dollar, and stated that cryptocurrencies should be strictly regulated. But in less than a year and a half, Trump fell victim to the "true fragrance" law.
On December 15, 2022, Trump announced the issuance of Trump Digital Trading Cards NFTs through his social media platform TruthSocial. This series was minted on the Polygon blockchain, initially creating a total of 45,000 NFTs, with a starting price of $99 each. Purchasing 45 digital trading cards would grant a ticket to dine with Trump. The NFTs could be purchased with credit cards and WETH, requiring KYC and an email. Despite being ridiculed at the time, under the former president's influence and appeal, the series sold out in less than a day after its launch. According to trading volume on OpenSea, the total transaction volume for this series reached 17,115 ETH, with currently 14,411 holders.
In simple terms, the first attempt earned Trump a profit of $4.45 million. After tasting success, on April 18, 2023, Trump quickly released his second series of NFTs—Trump Digital Trading Cards Series 2. The same marketing strategy was employed, but the total number of cards increased to 47,000, which he claimed expressed confidence in serving as the 47th president. The price remained at $99, and although it sold out within 5 hours of release, it quickly plummeted the next day, indicating market fatigue from the consecutive sales.
However, Trump disregarded market sentiment and focused solely on actual profits. Shortly thereafter, Trump released the third series, the MugShot Edition NFT, which was even more outrageous, totaling 100,000 cards, with no price increase, and introduced special perks, such as an invitation to a reception for $10,000, along with a limited edition unique Ordinal digital trading card of which only 200 were made. It was this series that led to Trump's subsequent statement of "making NFTs hot again." A simple calculation shows that with just three sets of NFTs, Trump's team raised $19 million, and according to financial disclosures, the actual profit from NFTs has reached several million dollars.
NFTs were just the beginning, serving both to raise political donations and to rally votes. In September 2024, the Trump family announced the launch of a cryptocurrency project called "World Liberty Financial." This DeFi-named company has not seen much progress since its listing, but has continuously attracted attention for its ongoing coin purchases, with total holdings reaching $1 billion and a loss of 0.87%. More directly, the sale of governance tokens has been notable; despite the clear indication that tokens would not be resold on secondary markets and the existence of market rights, in March of this year, WLFI announced the completion of a $550 million sale of WLFI governance tokens, with crypto OG Justin Sun contributing $75 million.
Documents show that after deducting operating costs, Trump and his business partners will receive 75% of the project's net income, including from WLFI token sales. Of the funds raised from WLFI sales, $30 million has been earmarked for company expenses, compensation, and obligations. Project documents also indicate that Trump and his partners at DT Marks DEFI LLC will receive 75% of the remaining amount, which is $390 million, as marketing fees for promoting the project and allowing the use of his name and image.
Just after Trump discussed the future of stablecoins at the first White House Crypto Summit, his family business began to take action. On March 25, WLFI announced the launch of a stablecoin called USD1, which is pegged to the dollar and 100% backed by U.S. government short-term treasury bonds, dollar deposits, and other cash equivalents. USD1 will be minted on the ETH and BSC blockchains, with plans to expand to other protocols in the future, and the USD1 reserves will be held by BitGo. As of now, according to CoinGecko data, USD1's transaction volume has exceeded $44.91 million.
Next came mining, with the president clearly stating the need to ensure that the remaining Bitcoin is made in America, and the Trump family naturally wanted to seize the opportunity. At the end of March, Trump's second son, Eric Trump, announced the establishment of a new Bitcoin mining company, American Bitcoin, in partnership with mining company Hut 8 Mining. Hut 8 injected most of its ASIC mining machines into American Data Centers, which Eric Trump and Donald Trump Jr. invested in, and after the transaction was completed, it was renamed American Bitcoin, with Hut 8 holding 80% of the shares.
If mining and stablecoins seem to be just taking shape and not yet highly profitable, the one that shocked the world was undoubtedly the Trump MEME. In January, Trump's personal MEME launched a precedent for presidential token issuance, successfully allowing him to profit immensely amidst the criticism. However, from a peak of $70 to the current $7.89, from a 125-fold surge to a 90% drop from the high, investors have experienced a stark contrast, laying the groundwork for further liquidity tightening in the crypto market.
Due to unlocking issues, the actual profits have not been as substantial as imagined. From the token distribution perspective, the total supply of TRUMP is 1 billion tokens, but the initial circulation was only 200 million, with the remaining 800 million expected to be unlocked linearly over three years. Two subsidiaries of the Trump Group hold an absolute share, with Trump's companies CIC Digital LLC and Fight Fight Fight LLC owning 80% of the TRUMP tokens, locked for 3-12 months, and set to unlock over the next 24 months, with current paper profits estimated at about $6.344 billion.
Overall, a massive Trump crypto empire is rising, with a very broad layout. After a small trial with NFTs, the mining business is about to take shape, encompassing profitable cash cows like stablecoins and DeFi, and even MEME providing liquidity. Although there is some decentralization, the industrial chain is gradually forming, with involvement in both infrastructure and applications, and it is expected to continue to expand around "core applications." Bloomberg reports that to date, the Trump family has raised over $1 billion from the crypto sector, and given the current state of the crypto market, which is not in a prosperous cycle, entering a bull market after establishing a foothold, it is evident that the Trump family's profits will be considerable.
Recently, Fortune reported that Trump's latest crypto project will be a real estate video game. Insiders indicated that this game is an adaptation of "MONOPOLY GO!", where players earn in-game cash by moving pieces on a digital Monopoly board and building structures in a digital city. It was also revealed that Trump's long-time friend Bill Zanker is the driving force behind the project. However, Zanker's spokesperson Kevin Mercuri denied this, stating that Zanker is indeed developing a game, but it is not Monopoly. It is clear that the Trump family's crypto ambitions are likely to extend into the chain game sector.
It has been previously mentioned that Trump's business philosophy adheres to the principle of monetizing traffic, and the crypto sector, which prioritizes traffic, clearly aligns with his business characteristics. With controllable policies backing him, Trump can continuously raise the crypto market by releasing favorable news and can directly leverage his influence to enter the most profitable and politically promising fields, which undoubtedly represents a form of political corruption and insider trading. Looking at his layout in the crypto field, it is evident that the family team quickly follows up after the government releases signals, forming interest groups. A typical example is that one of the co-founders of WLFI is Zach Witkoff, the son of Steve Witkoff, who was a special envoy for Middle Eastern issues in the Trump administration.
However, not everyone is pleased with this. High-level officials from the Democratic Party and independents have never ceased their doubts. Notable crypto opponent Elizabeth Warren stated that the SEC's abandonment of enforcement actions is part of Trump's wealth accumulation through crypto businesses, undoubtedly obstructing regulatory legislation. Kendrick Payne, the chief legal counsel and senior director of ethics at the nonpartisan Campaign Legal Center, also stated that Trump is personally advocating for laws to promote the development of the crypto industry.
This is not unfounded. After Trump took office, not only did the SEC become a crypto-friendly entity, but the Department of Justice also promised to reduce crypto litigation, and even stopped pursuing previous cases involving anti-money laundering against mixers, allowing stakeholders to be released. For example, Justin Sun was sued by the SEC in 2023 for fraudulent market manipulation and other alleged misconduct, but after a significant investment in WLFI last year, the SEC dropped the lawsuit this year.
It seems that the policies controlled by Trump are solid, but arbitrary regulation can easily provoke political conflict, especially in the current complex political situation in the U.S., where there is a possibility of regulatory backlash. Investment bank TD Cowen stated today that the Trump family's crypto business (including the planned stablecoin launch) could trigger a backlash and delay U.S. regulatory processes. Although legislators are accelerating the push for crypto regulations, political risks are on the rise.
In fact, conflicts of interest and insider information are not limited to the crypto space. After the recent tariff storm swept through global stock markets, Trump's close friends have successfully made a fortune. According to congressional disclosure documents, a Georgia Congresswoman closely associated with Trump, Marjorie Taylor Greene, made 21 stock purchases on the day before and the day of Trump's tariff suspension announcement. Even more absurdly, on the same day, the stock holdings in Trump's personal account surged by 22.67%, yielding a profit of over $415 million in a single day. Besides this Congresswoman, Pennsylvania Republican Congressman Rob Bresnahan also conveniently sold his shares in U.S. steel producer Steel Dynamics on the same day Trump announced tariffs on steel and aluminum products. Although both Congress members later clarified that their investments were legal and compliant, it still sparked a wave of skepticism in the market.
While the family profits in the crypto space, allies gain in the stock market. Regardless of how they clarify, Trump's actions inevitably raise suspicions of conflicts of interest. Currently, a group of Democratic lawmakers has jointly written to the new SEC Chairman Paul Atkins, requesting an investigation into whether Trump created trading opportunities for his allies through policy changes and whether he is suspected of market manipulation. However, considering that the chairman is a person appointed by Trump himself, the Democrats' impeachment efforts may be difficult to succeed.
It is evident that the Trump family's profit-making activities have not yet ceased. In less than six months in office, they have already raised billions of dollars, and after four years, how much more will they accumulate? The evaluation of his governance capabilities has yet to unfold, but it seems that the most profitable president in American history has already emerged.
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