Trump’s crypto investors are $4.7 billion underwater

Investors in Trump-linked crypto products are seeing losses of at least $4.7 billion, according to a new report. Public citizen analysiseven as Trump himself said he made at least $1.4 billion from crypto last year.

What’s the scoop?

• Add up the damage: Public Citizen estimates losses at $3.2 billion of TRUMP, at least 1 billion dollars from WLFI, 450 million dollars of Trump Media’s Bitcoin treasure, and $9.3 million of Trump’s NFTs, while holders of 1 USD suffered virtually no losses thanks to its peg to the dollar. Combined, that puts investors at least $4.7 billion underwater.
• How they got there: The biggest figure comes from Nansen, who found that about 1 million out of 1.6 million retail wallets trading TRUMP on Solana DEX were underwater for a total of $3.2 billion. For WLFI, Public Citizen counts a paper loss of approximately $1.04 billion on AI Financial’s treasury, plus at least $54 million lost by retail DEX buyers, while excluding unobservable centralized exchange losses. NFT valuation compares their initial sale value to recent secondary market prices.
• Mainly paper losses: It’s important to note that Public Citizen says much of the $4.7 billion remains not realized. For TRUMP in particular, only about $400 million of Nansen’s estimate of $3.2 billion was realized, while the top 1 percent of winning portfolios captured about $2.7 billion, describing much of the damage as wealth transferred from later buyers to early ones.
• Meanwhile, Trump created the bank: Trump reported $635 million in TRUMP licensing fees and $527 million attributable to him from WLFI token sales in 2025, among other crypto revenue. Public Citizen says it has found no apparent evidence that he invested his own capital to obtain participations in one or the other project.