Watchdog Report: Trump's Crypto Ventures Leaves Investors $4.7B Underwater

Consumer advocacy group Public Citizen published a report on August 27 estimating that five crypto products tied to President Donald Trump and his family have left investors at least $4.7 billion underwater combined, while Trump personally reported $1.4 billion in crypto-related income for 2025 in his most recent federal financial disclosure, filed in June.

The report, titled "'Thin Air,' Real Money," is a critical examination of Trump's crypto business by a nonprofit that has previously opposed his administration's policies, and its estimates rely on a mix of blockchain analytics, court filings and Trump's own disclosures.

The estimated losses, by product: the $TRUMP meme coin accounts for the largest share, with Public Citizen citing blockchain analytics firms Nansen and Bubblemaps to estimate that roughly 65% to 82% of retail wallets that bought the token on decentralized exchanges are underwater, for a combined $3.2 billion to $4.5 billion, most of it unrealized. The $WLFI governance token issued by World Liberty Financial, the venture Trump co-founded with his sons and White House envoy Steve Witkoff, accounts for at least $1 billion, including roughly $1 billion in unrealized losses at AI Financial Corp, the Nasdaq-listed company that built a $1.46 billion treasury of the token now worth a fraction of that.