Building wealth through real estate has long been associated with President Donald Trump. These days, however, cryptocurrency appears to be playing an even bigger role. A new federal financial disclosure shows Trump generated nearly $1.2 billion in revenue from his cryptocurrency businesses during 2025.
Based on the filing submitted to the Office of Government Ethics, his crypto ventures brought in more revenue than many of the real estate properties that have defined his business empire for decades.
Where the revenue came from
Most of mentioned revenue came from two crypto businesses. World Liberty Financial generated more than $500 million through sales of governance tokens, while CIC Digital LLC brought in over $600 million from Trump-branded meme coins. Even so, both digital assets have dropped sharply in value since they were first sold, leaving many investors with sizeable losses.
Beyond crypto, Trump also continued earning money from licensed merchandise. Sales of Trump-branded Bibles, sneakers, watches, and other products added to his income, with watches alone generating about $4.7 million in revenue during the year.
Meanwhile, his overseas real estate business also had a busy year. Licensing and development agreements in the United Arab Emirates, Saudi Arabia, Romania, Qatar, and Vietnam generated millions of dollars in fees. Back in the United States, Mar-a-Lago in Florida reported roughly $77 million in revenue, about 50% higher than the previous year.
Disclosure raises ethics questions
One important detail is that the 927-page disclosure reports revenue instead of profit. Because of that, it is impossible to determine how much Trump actually earned after expenses. At the same time, the filing has renewed ethics questions since several overseas business deals happened while those countries were also negotiating trade, military, or diplomatic matters with the United States.
For its part, the White House says Trump does not personally manage his businesses because his assets are held in a trust overseen by his sons. Likewise, officials maintain that every decision made by the administration serves the public interest, while the Trump Organization says its overseas agreements involve private companies rather than foreign governments.
