A new investigation by Reuters alleges that the Trump family has generated $2.3 billion from its four main crypto ventures, while investors in those projects have absorbed losses of a similar magnitude, amounting to roughly $2.3 billion, including paper losses, by the end of April.
The investigation describes World Liberty Financial’s token fundraising as the largest component of the Trump family’s alleged crypto windfall. World Liberty has disclosed raising $1.4 billion by selling 30 billion WLFI tokens, which Reuters says yielded roughly $987 million for the Trump family.
However, Reuters argues that the Trump family’s earnings from World Liberty token sales may be higher than the disclosed estimate. The outlet says that in an October 2025 filing tied to European crypto sales regulations, World Liberty reported it held 3 billion fewer tokens than it previously stated publicly.
Using a weighted average of token prices during the relevant period, Reuters calculates that if sold, those tokens would have generated at least $460 million for the Trump family.
Reuters says these likely additional sales would bring total Trump family earnings from World Liberty token sales to more than $1.4 billion, representing the largest share of the $2.3 billion overall figure cited in the investigation.
For the President’s official memecoin, Reuters used blockchain data to trace gains from coin sales across online marketplaces and to identify coin movements to crypto exchanges.
The investigation says movements to exchanges strongly suggest sales, and it attributes that method to experts, including finance and computing professors, a law professor, and an industry analyst.
Reuters reports that using weighted average prices during the periods when coins were moved to exchanges, it calculated that those movements—if they represented sales—raised more than $880 million. Reuters says total revenue, including sales through other channels, was about $1.2 billion.
Reuters also details token flows involving ALT5 Sigma and World Liberty Financial. It says ALT5 Sigma, transformed into a crypto acquisition vehicle, partnered with World Liberty Financial to buy $717 million worth of World Liberty tokens. This purchase allegedly sent more than $500 million to the Trump family.
Beyond token sales, Reuters says it found that Eric Trump’s stake was worth over $70 million at the end of April, while it says the value of Donald Trump Jr.’s stake was not disclosed.
The report also states that Hut 8 Corp, the Trump family’s partner in the venture, bought $25 million of World Liberty tokens shortly after the company launched, sending about $19 million to the Trump family.
To estimate investor losses, Reuters says it compared what initial buyers paid for TRUMP and World Liberty tokens and for new shares in ALT5 Sigma and American Bitcoin against the current market values.
For investors in World Liberty governance tokens, Reuters says early purchasers paid either $1.5 or $0.5 per token. Those early buyers may have profited on tokens they sold after trading began on crypto exchanges, but Reuters notes they were restricted from selling 80% of their holdings.
Reuters says that for tokens bought after exchange trading began, prices have fallen as well. Altogether, Reuters estimates losses for investors in World Liberty tokens total about $674 million.
Reuters says buyers spent at least $1.2 billion on TRUMP, at prices up to $75.35. Using the April 30 price of $2.38, the report says those coins were worth $521 million, implying a loss of more than $700 million for buyers.
For the Nasdaq-listed companies, Reuters reports that ALT5 Sigma and American Bitcoin disclosed the number of shares sold and the money they raised through the end of March 2026.
Since August of last year, Reuters says ALT5’s share price fell sharply, leaving investors down about $675 million. It says American Bitcoin’s shares dropped from $11 to $1.15 by the end of April after declining since September, leaving investors down more than $200 million.
Featured image created with OpenArt; chart from TradingView.com
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