Investors in cryptocurrency products associated with United States President Donald Trump have accumulated at least US$ 4.7 billion in estimated losses, most still unrealized, according to analysis published by consumer advocacy organization Public Citizen on Thursday (27). The survey includes the $TRUMP memecoin, the $WLFI token, NFTs, and the digital assets held by Trump Media.
The largest share comes from $TRUMP, accounting for about US$ 3.2 billion of the total. The report also estimates at least US$ 1 billion in losses associated with $WLFI, US$ 450 million on Trump Media's Bitcoin strategy, and US$ 9.3 million on Trump Digital Trading Cards.
In the opposite direction, Trump reported at least US$ 1.4 billion in crypto-related revenue in 2025, according to his most recent financial disclosure. Public Citizen says it found no personal contributions by the president in the ventures analyzed.
$TRUMP accounts for most of the losses
The $TRUMP memecoin was launched in January 2025, three days before Trump's inauguration for his second term. The asset reached an all-time high of US$ 73.43 two days after launch, but was trading at US$ 2.22 in Public Citizen's survey.
An analysis by Nansen commissioned by the organization identified about 1.6 million retail investor wallets that bought $TRUMP on decentralized exchanges on the Solana network. Approximately 1 million of them, or 65%, were at a loss.
The losses totaled US$ 3.2 billion, but most remained on paper: about US$ 400 million had been effectively realized by investors who sold the tokens below the purchase price.
The gains were also concentrated. According to the analysis, the top 1% of winning wallets captured about US$ 2.7 billion, equivalent to 80% of the gains recorded among the investors examined.
Trump reported US$ 635 million in licensing revenue from the memecoin in 2025. Companies linked to the project initially held 80% of the total token supply, with a planned release over three years.
$WLFI accounts for at least US$ 1 billion
The second largest component of the survey is $WLFI, the governance token of World Liberty Financial. Public Citizen estimates that investors have accumulated at least US$ 1 billion in losses related to the asset.
The token reached US$ 0.3313 in September 2025 and was trading at US$ 0.05744 in the analysis. The organization notes that calculating the total loss is difficult because much of the trading occurs on centralized exchanges, whose data is not fully available on the blockchain.
Among the cases considered is that of AI Financial Corporation, formerly ALT5 Sigma, which acquired 7.28 billion tokens for about US$ 1.46 billion in August 2025. At the end of June this year, the position was valued at approximately US$ 421 million, an unrealized loss of about US$ 1.04 billion.
Trump reported receiving US$ 557 million from World Liberty Financial token sales between 2024 and 2025, plus US$ 65.6 million from the sale of an equity stake in the company in 2025.
Trump Media records US$ 450 million loss on Bitcoin
Public Citizen also attributed US$ 450 million in unrealized losses to the digital asset strategy of Trump Media & Technology Group, parent company of Truth Social.
The company announced its cryptocurrency treasury strategy in May 2025 and subsequently accumulated more than US$ 1 billion in Bitcoin, as well as crypto-related securities and positions in Cronos.
On June 30, 2026, the 9,477 bitcoins held by the company had cost about US$ 1.006 billion, but were valued at approximately US$ 557 million.
Trump Media's shares also had fallen 65% since the announcement of the strategy. Public Citizen, however, did not attribute the entire decline to the crypto bet and considered only the unrealized loss on the bitcoins in calculating the US$ 4.7 billion.
Stablecoin USD1 falls outside the losses
USD1, World Liberty Financial's stablecoin, is the only one of the five products analyzed without significant losses attributed to buyers. The asset was created to maintain parity with the dollar and had about US$ 4.1 billion in circulation on August 26.
The report also highlights the company's international connections. A company backed by Sheikh Tahnoon bin Zayed Al Nahyan, national security adviser of the United Arab Emirates, acquired 49% of World Liberty Financial before Trump's inauguration in 2025.
According to the survey, the deal directed US$ 187 million to entities linked to the Trump family. World Liberty Financial also announced in 2025 that a US$ 2 billion investment by state fund MGX in Binance would be settled using USD1.
In August, the Office of the Comptroller of the Currency granted conditional preliminary approval to World Liberty Trust Company, a proposed national trust bank linked to World Liberty Financial, which intends to take over issuance of the stablecoin.
Public Citizen's report analyzed five areas: Trump Digital Trading Cards NFTs, the $TRUMP memecoin, the $WLFI token, USD1 stablecoin, and Trump Media's digital asset strategy.
The organization stresses that the US$ 4.7 billion represents a minimum estimate and that most of it corresponds to unrealized losses, which may vary according to asset prices.
The White House has previously stated that Trump and his family have never been and will never be involved in conflicts of interest. The business structure described in the report holds stakes related to the projects in a revocable trust of which Trump is the beneficiary and Donald Trump Jr. serves as trustee.
