Almost one million people who bought Donald Trump's meme coin have collectively lost $5.5 billion, according to analysis by cryptocurrency analytics firm Nansen — while the president himself walked away with hundreds of millions of dollars in profit from the very same venture. The stark figures emerged this week after Trump filed his annual financial disclosure, revealing a windfall of at least $2.2 billion from his various business interests in 2025, with crypto at the centre of that haul.

The Scale of the $TRUMP Coin Losses

Nansen's analysis, covering transactions recorded on the blockchain through the end of June, found that 988,905 wallets — roughly two in every three buyers of the $TRUMP coin — are sitting on losses. Their combined losses total $US3.81 billion ($5.47 billion Australian).

The coin was launched just three days before Trump's inauguration in January 2025. It rocketed to a peak price of $US75.35 before collapsing dramatically. As of late last week, it was trading at just $US1.76 — a fall of 97 per cent from its high. At its peak, the coin carried a market valuation of around $21 billion. It has since shrunk to roughly $577 million.

Because cryptocurrency transactions are publicly recorded on a blockchain — a permanent digital ledger — analysts were able to trace which accounts bought the coin, at what price, and what those holdings are now worth.

Among those who lost out is Nicholas Pinto, a regular crypto trader who voted for Trump in 2024. Pinto says he invested approximately $US500,000 in the $TRUMP coin and has since lost around half of that sum. "He is leveraging the power of being president to launch currencies, when he seems trustworthy in the public's eye," Pinto said. "It is kind of incredible. It is almost a legal scam."

Trump's Billion-Dollar Crypto Payday

While the majority of buyers absorbed heavy losses, Trump's own position was structured very differently. His annual financial disclosure confirmed he received $US636 million ($918 million Australian) from the $TRUMP meme coin alone — money generated through transaction fees collected each time investors traded the tokens. That means Trump profited regardless of whether the coin's price rose or fell, simply from the volume of trading activity.

Beyond the meme coin, Trump's broader crypto earnings were substantial. His financial disclosure showed he earned more than $US500 million ($723 million) from World Liberty Financial, a crypto startup he co-founded with his sons, along with more than $US250 million ($361 million) from the sale of interests in that business. Total crypto-related earnings since returning to the White House in early 2025 have been estimated at around $US2.3 billion ($3.3 billion).

World Liberty Financial also launched a token called $WLFI, which has similarly declined sharply in value. A spokesperson for the venture attributed the fall to broader market conditions, saying: "No one can control the markets. World Liberty stands behind the governance token WLFI, which has had increasing utility in a growing ecosystem since day one."

Policy Settings Favour the Industry Trump Profits From

Critics have pointed to the overlap between Trump's crypto earnings and his administration's regulatory decisions. Since taking office, the White House has moved to implement federal rules for stablecoins, scaled back enforcement by both the Justice Department and the Securities and Exchange Commission, and broadly reduced regulatory oversight of the cryptocurrency industry — including rules around meme coins specifically.

Trump was once sceptical of digital currencies, but embraced them publicly during his 2024 presidential campaign. On social media just before the $TRUMP coin launched, he urged followers to buy in: "It's time to celebrate everything we stand for: WINNING! Join my very special Trump community. GET YOUR $TRUMP NOW!"

The White House has pushed back against any suggestion of a conflict of interest. Spokesperson Anna Kelly said this week that "neither the President nor his family has ever engaged — or will ever engage — in conflicts of interest," adding that "all actions by President Trump and his administration are taken in the best interest of the American people."

Traditional Business Empire Also Growing

Crypto now dominates Trump's income, but his traditional business interests remain significant. His golf courses and resorts reported a 15 per cent rise in revenue to more than $723 million in 2025. His Mar-a-Lago club in Florida — which Trump calls the Winter White House — saw revenue surge to $US77 million ($111 million), up from $US50 million ($72 million) the year prior. Revenue at his nearby West Palm Beach club jumped 27 per cent.

Trump also hosted the winners of his second annual meme coin contest at Mar-a-Lago in April, blending his political brand with his commercial ventures in a way that has drawn ongoing scrutiny from ethics watchdogs and investors alike.

A representative for the $TRUMP meme coin venture did not respond to requests for comment on the losses suffered by buyers.