Trump Discloses $2.2 Billion in Revenue in His Second Term's First Year, Led by Crypto

President Trump reported roughly $2.2 billion in gross revenue for 2025, his first year back in office, according to a financial disclosure released Tuesday — with cryptocurrency ventures the largest single source, reviving a debate over conflicts of interest that ethics experts call unprecedented.

Hana Nakamura July 1, 2026 at 11:45 PM

A new financial disclosure offers the fullest picture yet of how President Trump's businesses fared in his first year back in the White House — and it is dominated by cryptocurrency.

The numbers

The filing, released Tuesday by the U.S. Office of Government Ethics and covering 2025, shows total reported gross revenue exceeding $2.2 billion, PBS NewsHour reported. Crypto ventures accounted for well over a billion dollars of that, according to ABC News, led by royalties tied to the $TRUMP memecoin launched days before his inauguration and by token sales from World Liberty Financial, a firm co-founded with family members and associates. The Herald has previously reported on Trump's crypto earnings.

A crucial caveat runs through the coverage: the form requires gross revenue, not profit. Costs, debt, taxes and expenses are not reflected, so the figures do not show net earnings.

Beyond crypto

Non-crypto income remained large. Golf resorts and clubs generated hundreds of millions, with Mar-a-Lago alone reporting more than $77 million, up sharply from the prior year. Overseas licensing deals, chiefly in the Middle East, added tens of millions, and legal settlements with several media and tech companies contributed more than $80 million. Smaller categories included branded watches and a Bible sold with the country singer Lee Greenwood.

The conflict-of-interest debate

The disclosure landed as the administration advanced pro-crypto policy, including the GENIUS Act, the first major federal framework for stablecoins — a combination critics say benefits businesses in which the president holds a personal stake. "Of course it's a conflict of interest," Richard Painter, chief White House ethics lawyer under President George W. Bush, told the BBC. Historian Douglas Brinkley told NBC News there was "no precedent to compare it with."

The White House response

The White House rejected that framing. "Neither the President nor his family has ever engaged — or will ever engage — in conflicts of interest," spokeswoman Anna Kelly said, crediting Trump with making the U.S. "the crypto capital of the world." Presidents are legally exempt from the conflict-of-interest statutes that bind other federal officials, and the White House says Trump's businesses are held in a trust run by his sons. Ethics specialists across administrations counter that such arrangements, short of a true blind trust, offer only limited separation — leaving the questions raised by a sitting president's $2.2 billion year far from settled.