A report by Public Citizen brings to light the massive losses suffered by investors from Donald Trump's crypto products, at a time when the American president reportedly earned $1.4 billion from the very same activities in 2025.
Investor losses reach $4.7 billion
According to the report titled "Thin Air, Real Money" by the American NGO Public Citizen, holders of five distinct crypto products linked to Trump have lost a combined total of at least $4.7 billion. The investigation examines the Trump Digital Trading Cards NFTs, the WLFI token, the $TRUMP memecoin, the USD1 stablecoin, and Trump Media's crypto treasury. The largest hit involves $TRUMP, where losses are estimated at approximately $3.2 billion. Analysis by Nansen on behalf of Public Citizen indicates that nearly 65% of wallets are currently in a loss position. The token trades around $2.70, compared to an all-time high of $73.43 just two days after its launch. WLFI has led investors to losses of nearly $1 billion, while its value has dropped over 80% from its peak in September 2025. Trump's NFTs have lost almost three-quarters of their initial value, with cumulative losses of about $9.3 million. The main exception is USD1, which, as a stablecoin asset, has maintained its pegged value.
How Trump generated $1.4 billion
At the same time, Trump's financial disclosure for 2025, which was certified on June 30, 2026, records $1.4 billion in revenue from cryptocurrency activities. The amounts listed include: $7.2 million from NFT card royaltiesWLFI $635 million from licensing fees for the $TRUMP memecoin $197 million in capital contributions to World Liberty Financial World Liberty Financial, co-founded by Trump and his sons Donald Jr. and Eric, also secures him a stake in the platform's future revenue.
Conflict of interest against the backdrop of crypto regulation
The report forcefully brings back the issue of conflict of interest, as Trump is simultaneously president of the US and an entrepreneur with a direct financial stake in the crypto market. Public Citizen argues that a sitting president should not have the ability to create, own, or promote digital assets that fall under his own regulatory policy. The issue gains even greater significance ahead of the Senate vote scheduled for September 15 on the CLARITY Act, a bill backed by the Trump administration that attempts to clarify the regulatory status of digital assets. Public Citizen considers that the bill fails to adequately address ethics issues and presidential conflicts.
International connections
The report also highlights the international connections of Trump's crypto products. Part of USD1 is reportedly held by entities linked to the United Arab Emirates, while Binance plays a significant role in facilitating transactions for several of these assets. The Trump case thus illustrates in the most characteristic way the convergence of political power, personal enrichment, and digital currencies, reopening the debate over who ultimately benefits from political influence in the crypto market.
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