The President’s cryptocurrency portfolio not only includes World Liberty Financial and his memecoin, but he has also made significant investments in Bitcoin. Will Trump leverage his presidency to push the price of Bitcoin to new heights?
The greatest salesman in American history delivered a keynote speech at the Bitcoin 2024 Conference in Nashville.
Image Source: Jon /Getty Images
When examining Trump’s financial situation, it is easy to overlook one of his most important assets: Bitcoin. This cryptocurrency does not appear in the president’s financial disclosure filings submitted to the government, nor is it listed among the assets on the Trump Organization’s website or in other asset reports. However, there is no doubt that Trump holds a significant amount of Bitcoin, with an estimated investment scale of up to $870 million, making him one of the largest Bitcoin investors globally.
Trump’s Bitcoin investment is so discreet because he holds these assets indirectly—through his stake in the Trump Media & Technology Group (TMTG). The company operates the social platform Truth Social, which does appear on his financial statements. Despite TMTG generating less than $4 million in annual revenue, its valuation on the Nasdaq has reached billions of dollars. Earlier this year, the company ventured into the crypto space and raised $2.3 billion through debt financing and stock sales in May. Then, in July, the company purchased $2 billion worth of Bitcoin. This stock sale reduced Trump’s ownership stake in the company from 52% to 41%. Since TMTG’s large-scale investment in Bitcoin, the price of Bitcoin has risen by about 6%. Currently, Trump holds approximately 41% of the company, equivalent to about $2.1 billion worth of Bitcoin reserves, with Trump’s personal share estimated at $870 million.
Only a few billionaires worldwide own more Bitcoin. For instance, the Winklevoss twins may hold over $8 billion worth of Bitcoin (assuming they haven’t sold any in recent years). Michael Saylor, a pioneer of the Bitcoin asset strategy that TMTG is now emulating, owns about $5 billion worth of Bitcoin through his 7% stake in Strategy, along with approximately $2.2 billion worth of personal Bitcoin holdings. Investor Tim Draper acquired Bitcoin confiscated by the U.S. government during the crackdown on the dark web marketplace Silk Road through an auction in 2014, which is now worth about $3.6 billion. Additionally, investor Matthew Roszak may hold over $1 billion worth of Bitcoin. Following closely behind is Trump, who had almost no association with Bitcoin during his first presidential term.
In 2019, Trump tweeted: ‘I am not a fan of Bitcoin and other cryptocurrencies. They are not money, as their value fluctuates wildly and is based on nothing. Unregulated crypto-assets may facilitate illegal activities, including drug trafficking and other crimes.’
However, Trump’s transformation from a skeptic of cryptocurrencies to a Bitcoin supporter reflects his business attitude and strategy—opportunism and marketing-oriented thinking. During his time away from the White House, he began exploring the crypto space. First, Trump earned millions of dollars effortlessly through selling NFT trading cards featuring himself as a superhero. Later, as the 2024 election approached, he and his three sons launched a crypto project called World Liberty Financial.
Although the project initially made little progress, after Trump won the election, the crypto community—a group highly sensitive to government regulation—flocked to buy World Liberty Financial’s tokens, increasing Trump’s net worth by over $1 billion, according to Forbes estimates. Meanwhile, amid heated discussions in Washington D.C., the president-elect also introduced a memecoin, further adding nearly $1 billion to his wealth.
Following the start of Trump’s second presidential term, the overall value of the crypto industry rose significantly. From Election Day in November last year to May this year, the price of Bitcoin increased by 60%. TMTG announced plans to begin accumulating Bitcoin and used its high stock price to raise funds, issuing $1 billion in convertible bonds and $1.4 billion in stock. Currently, Trump holds approximately $400 million in debt, the largest loan in his portfolio, surpassing even any real estate mortgage.
Despite the potential for moral controversy, the White House appears unconcerned. Press Secretary Karoline Leavitt stated, “The President and his family have never been, nor will they ever be, involved in any conflict of interest.” However, she immediately undermined her own statement by referencing an apparent conflict of interest. “Through executive actions, supporting legislation such as the GENIUS Act, and other common-sense policies, the administration is fulfilling the President’s promise to make the United States the global center for cryptocurrency.”
Investors who purchased TMTG stocks and bonds to support its Bitcoin investment are evidently hoping for a memestock frenzy, which seems plausible. After all, TMTG’s stock price soared based solely on a loss-making social media app, so if tied to one of the hottest assets globally, might the price surge again? These bonds add a layer of security, structured to allow investors to achieve a 4% return even if the stock price does not soar, after a year and a half.
However, market fervor tends to wane over time. Despite TMTG’s stronger balance sheet now — including billions of dollars worth of Bitcoin and $1 billion in debt — its market capitalization has decreased by $1.2 billion since pivoting to Bitcoin. Excluding the Bitcoin investment, investors currently value the company’s original media business at only 60% of its May valuation this year.
This does not mean that TMTG is doomed to fail, especially given that Trump has three years remaining in his second presidential term. If Bitcoin’s price continues to rise and with assistance from White House allies, Trump’s most loyal supporters may once again drive up the stock price, potentially adding hundreds of millions, or even billions, to Trump’s wealth.
