Five crypto products linked to Donald Trump have left investors billions of dollars in the red. Public Citizen estimates combined losses at at least $4.7 billion.
The report covers TRUMP, WLFI, Trump NFTs, USD1 and Trump Media. Most of the losses remain unrealized.
Therefore, the total does not represent finalized cash losses. Changes in asset prices could increase or reduce the estimated amount.
Public Citizen also estimates that Trump earned at least $1.4 billion from crypto activities in 2025. The group based its calculation on Trump’s latest financial disclosure.
TRUMP investors face $3.2 billion in losses
According to the Public Citizen report, TRUMP memecoin investors suffered the largest losses. Nansen examined decentralized exchange transactions on Solana.
Around 1.6 million retail wallets bought TRUMP after its launch. Approximately 1 million of those wallets are underwater at current prices.
Their combined losses reached an estimated $3.2 billion. Only about $400 million had been realized through sales.
TRUMP launched on Jan. 17, 2025. Its price reached an all-time high of $73.43 within two days.
However, the token had fallen to $2.22 during the period covered by the report. The decline generated heavy losses for buyers who entered the market later.
Meanwhile, gains were concentrated among a limited number of early investors. Wallets that bought during the first two days captured nearly 90% of total gains.
The top 1% of profitable wallets earned $2.7 billion. This represented 80% of all profits generated through TRUMP trading.
WLFI losses reach at least $1 billion
WLFI, issued by World Liberty Financial, represented the report’s second-largest source of losses. Public Citizen estimated losses of at least $1 billion.
A large portion came from Nasdaq-listed AI Financial Corporation. The company acquired around 7.28 billion WLFI in August 2025.
According to the company’s SEC filing, the tokens had a cost basis of nearly $1.46 billion. Their fair value had fallen to $421.3 million by late June.
The company therefore faced an unrealized loss of approximately $1.04 billion. Public Citizen also examined retail wallets trading on decentralized exchanges.
Nansen data showed that 25,000 of 31,000 WLFI wallets were underwater. Their combined losses reached $54 million.
The calculation does not cover transactions on centralized exchanges such as Binance. Investor results on these platforms cannot be fully tracked through on-chain data.
Trump Media’s Bitcoin loss reaches $450 million
The report also included Trump Media’s Bitcoin reserve. The company held 9,477 Bitcoin as of June 30.
The holdings had a total cost basis of approximately $1.006 billion. Their market value stood at $557 million on the same date.
This left Trump Media with an unrealized Bitcoin loss of around $450 million. Public Citizen did not attribute the entire decline in its share price to the crypto strategy.
Trump Media’s market value fell by approximately $3.1 billion after the strategy was announced. The report counted only the $450 million difference in the Bitcoin position.
NFT investors lose $9.3 million
Public Citizen estimated losses of at least $9.3 million across Trump Digital Trading Cards collections. Three collections initially generated a combined $12.3 million in sales.
The group estimated their current combined value at around $3 million. Series 3 was excluded because of insufficient trading activity.
The report assigned no losses to USD1 holders. The stablecoin maintained its one-dollar peg during the period examined.
Trump’s crypto income exceeds $1.4 billion
Public Citizen estimated Trump’s 2025 crypto income at no less than $1.4 billion. TRUMP and World Liberty Financial were among the largest sources.
According to the report, Trump earned $635 million from TRUMP-related licensing fees. His income from WLFI token sales reached $527 million.
Trump also reported $65.6 million from selling an equity stake in World Liberty Financial. Public Citizen said it found no evidence that he invested personal capital in these ventures.
However, the $4.7 billion figure does not represent a market-wide net loss. The calculation adds losses among underwater wallets without subtracting profits recorded by winning investors.
The White House has previously denied that Trump or his family engaged in conflicts of interest. The administration continues to reject similar allegations.
