Blockchain analytics firm Nansen has revealed that former US President Donald Trump’s official memecoin project, TRUMP, generated $636 million in revenue for Trump himself, while investors collectively incurred far larger losses. Comparisons between Nansen’s on-chain data and disclosures from Trump’s 2025 financial report illustrate the stark gap between his gains and the heavy losses suffered by token buyers.
Wallet data highlights steep investor losses
According to Nansen’s estimates, as of the end of June, 988,905 wallets had collectively posted $3.81 billion in losses related to TRUMP. This figure includes realized losses as well as paper losses that have yet to be crystallized, since many tokens are still held in investor wallets and have not been sold.
The company’s analysis shows that approximately two-thirds of wallets holding TRUMP are in the red. Meanwhile, a smaller group holding fewer than 500,000 wallets realized around $4 billion in profits. Nansen found that the bulk of these gains belonged to early buyers and automated trading systems that positioned themselves ahead of the price rally and later sold to new entrants at elevated prices.
While roughly two-thirds of wallets holding TRUMP ended up with losses, most profits went to early buyers and automated trading systems, Nansen reported.
On Friday, CoinMarketCap data showed TRUMP trading at around $1.76, roughly 97% below its record high of $75.35 reached on January 19, 2025. The token was launched just three days before Trump’s second presidential inauguration, accompanied by a Truth Social campaign urging supporters to join the community.
Revenue model remained resilient despite price declines
Retail investors’ profits depended solely on the token’s price appreciating. However, Trump’s own earnings were not strictly tied to price gains. Revenue streams from token transaction fees allowed him to profit regardless of whether the token price rose or fell—one of the main structural reasons for the divergence between Trump’s gains and the losses faced by investors.
Trump’s financial disclosure indicates he declared at least $1.4 billion in crypto-related income over the year, representing more than half of his reported $2.2 billion in total revenues. Of this, $635 million stemmed from memecoin royalties, $527 million from World Liberty Financial (WLFI) token sales, and about $263 million from stakes in related companies.
Mini Glossary: A memecoin is a type of crypto asset driven largely by community interest, internet culture, and high-profile figures, often with limited real-world utility. A paper loss occurs when an asset’s value falls below the purchase price but hasn’t been sold, reflecting an unrealized loss on paper.
WLFI investors saw similar patterns
Nansen observed a similar situation with World Liberty Financial (WLFI), detecting that 85% of the 26,663 wallets tracked posted around $83 million in losses. In comparison, the wallets that turned a profit collectively gained just $23 million.
The company warned that actual losses may exceed reported figures, as many transactions on exchanges are not fully traceable with on-chain data. WLFI traded at about $0.056 according to CoinMarketCap, marking an 88% decline from its September 2025 peak.
One TRUMP investor, Nicholas Pinto, said he invested approximately $500,000 after backing Trump in the 2024 election, but has lost about half of it. Referring to the project, Pinto described it as “almost a legal scam.”
Ethics debate intensifies in Washington
Speaking to CNBC, Trump said he was unaware that his crypto ventures had generated at least $1.4 billion, that he could learn the exact figure if he wished, and that there was nothing wrong with profiting from digital assets. Trump added that he had no plans to withdraw his family from involvement in these enterprises. White House spokesperson Anna Kelly, meanwhile, asserted that Trump had turned the US into “the world’s crypto capital” and had acted in the country’s interests.
Senator Kirsten Gillibrand emphasized the need for ethical boundaries to prevent presidents, Congressional members, and their families from profiting off digital assets due to their positions.
The revelations have surfaced as the Senate nears finalizing legislation to regulate the structure of the crypto market. Senator Kirsten Gillibrand renewed calls for ethical rules barring the president, Congressional members, and their families from personal financial gain through digital assets. Gillibrand is also a co-sponsor of the End Crypto Corruption Act, introduced by Senator Jeff Merkley and supported by 19 Democratic senators. Senators Elizabeth Warren, Ruben Gallego, and Angela Alsobrooks also voiced similar concerns. Senate Banking Committee Chair Tim Scott is pushing for a floor vote before the August recess.
