The parent company of Truth Social is developing a “Bitcoin Vault,” while the president’s sons invest heavily in Bitcoin mining operations.
On May 27, 2025, at the Bitcoin Conference held at the Venetian Hotel in Las Vegas, a server display featured a silhouette of President Donald Trump holding a Bitcoin.
During the early months of his second term, President Donald Trump and his family initiated several cryptocurrency ventures, including a decentralized finance company and exclusive dinners for investors centered on the official Trump memecoin. Since then, the Trump family’s involvement with cryptocurrency has deepened, reinforcing the president’s ties to the industry, which is actively lobbying the government and Congress to establish a regulatory framework legitimizing digital currencies.
Recent developments include substantial purchases of Bitcoin, crypto ETFs, and an ambitious but chaotic attempt to launch the official Trump crypto wallet.
Wallet Confusion
Earlier this month, the Trump family and their associates made a broad yet confusing push into the crypto space. The company behind the Trump-branded $TRUMP memecoin announced plans to launch an official “$TRUMP Wallet.” Crypto wallets store private keys necessary for securely accessing, sending, and receiving cryptocurrency, functioning as digital or physical vaults to hold coins when not actively traded.
The project was first reported by independent journalist Molly White on June 3 and soon confirmed by Magic Eden, a crypto company collaborating with the memecoin creators on the wallet’s development.
The memecoin is jointly owned by Fight Fight Fight, a limited liability company run by longtime Trump aide Bill Zanker, and CIC Digital LLC, part of the Trump Organization. Both companies collect transaction fees from the memecoin, which Trump himself has promoted. Fight Fight Fight is also reported to be behind the $TRUMP Wallet.
However, later that same day, Donald Trump Jr., Eric Trump, and Barron Trump publicly distanced themselves from the wallet, stating that neither the Trump Organization nor the family was involved in its creation. Eric Trump tweeted, “This project is unauthorized by @Trump or @MagicEden. I would be very wary of projects using our name without approval or knowledge within our organization.” Donald Trump Jr. added, “Stay tuned—we at World Liberty Financial @worldlibertyfi have been tirelessly working on launching our official wallet soon.” The wallet announcements from memecoin and Magic Eden were subsequently removed.
It remains unclear why or how the Fight Fight Fight organization proceeded with the wallet project without the knowledge or approval of the Trump family, if indeed that is the case.
Last week, Eric Trump announced that $TRUMP memecoin had formally “allied” with World Liberty Financial (WLF), a decentralized finance firm controlled by the Trump family since last fall. The specifics of this alliance remain vague. According to an X post, WLF plans to “acquire a significant stake in the memecoin” to finance the alliance — a move that would lend legitimacy to the memecoin and potentially support its price. Eric Trump has not responded to inquiries about the details.
WLF’s current portfolio holds large amounts of cryptocurrency. In April, The New York Times reported that WLF engaged with at least five startup crypto firms to negotiate partnership deals involving mutual purchases of each other’s tokens. WLF has also requested substantial investments in its governance tokens from these companies.
Empire Expansion
At the end of last month, Trump Media & Technology Group (TMTG)—the publicly traded company founded and owned by Trump that operates Truth Social—announced plans to enter the cryptocurrency market. In a May 27 press release, the company said it would raise approximately $2.5 billion through common stock and secured notes to create a “Bitcoin Vault.”
This deal ties TMTG’s stock value (approximately $2.4 billion of Trump’s personal net worth as of June 11) closely to the value of Bitcoin currently held on its balance sheet. Trump holds about 50% of TMTG shares through trusts. Consequently, government decisions on crypto regulation could directly impact TMTG’s stock price. Historically, Bitcoin prices reflect the general sentiment toward the cryptocurrency industry, meaning Trump’s pro-crypto agenda might boost Bitcoin’s value—and in turn increase his personal wealth.
On June 5, TMTG also filed with the U.S. Securities and Exchange Commission to create a Truth Social Bitcoin exchange-traded fund (ETF). This product would hold Bitcoin directly and aim to track its price, allowing investors to speculate on Bitcoin’s value through ETF shares. Yorkville Partners, a New Jersey-based investment firm, will act as the registered investment advisor.
Earlier this year, in January, Trump Media announced the formation of Truth.Fi, a financial company designed to operate independently managed accounts, ETFs, and crypto-related securities. TMTG CEO Devin Nunes stated, “Developing ‘America First’ investment tools is a step toward building a strong ecosystem where American patriots can protect themselves from Big Tech and ‘woke’ corporations’ ongoing cancel culture, censorship, de-banking, and privacy invasions.”
Eric Trump’s Crypto Venture
Among the Trump family’s growing crypto investments, the latest significant development involves Eric Trump directly. In March, Eric partnered with crypto firm Hut 8 to form American Bitcoin Corporation, an industrial-scale Bitcoin mining company. Bitcoin mining involves using powerful computers to solve complex math problems to validate and secure Bitcoin network transactions, a process that is energy-intensive but rewarded with new Bitcoin and transaction fees. Donald Trump Jr. is also an investor in this venture.
In May, American Bitcoin announced a stock-for-stock merger with Gryphon Digital Mining, a Nasdaq-listed Bitcoin mining company. The two firms will work together to amass Bitcoin on a large scale. Promotional materials for the deal highlight Eric Trump’s “exceptional network” as a key asset for boosting American Bitcoin’s influence and reputation in the mining sector. U.S. government policies on crypto regulation will almost certainly affect American Bitcoin’s operational value.
Since taking office, Trump has issued two crypto-related executive orders. Meanwhile, both the House and Senate are working to pass the first federal regulatory framework for stablecoins—cryptocurrencies pegged to the value of the dollar and other currencies. Given Trump’s control over executive agencies and Republican majorities in Congress, opportunities to examine potential conflicts of interest are limited.
In May, House Financial Services Committee Democrats proposed legislation to prohibit the president, vice president, members of Congress, and their immediate family members from engaging in various cryptocurrency-related activities. The bill would affect many of the Trump family’s existing enterprises. However, it is unlikely to advance given the Republican majority in the committee.
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