Overview

$Trump (stylized in all caps) is a meme coin cryptocurrency associated with United States president Donald Trump, hosted on the Solana blockchain. One billion coins were created; 800 million remain owned by two Trump-owned companies, after 200 million were publicly released in an initial coin offering (ICO) on January 17, 2025. Less than a day later, the aggregate market value of all coins was more than $27 billion, valuing Trump's holdings at more than $20 billion.

A March 2025 Financial Times analysis found that the crypto project netted at least $350 million through sales of tokens and fees.

The venture has faced widespread condemnation from ethics experts for Donald Trump's conflicts of interest related to the project and his presidential duties. During the second Trump administration, Trump has promoted $Trump and taken actions that have raised the value of the meme coin, contributing to a substantial increase in his net worth.

History

The Trump meme coin was launched on January 17, 2025, three days before Trump was inaugurated as president of the United States. The lack of a public announcement initially led to concerns that the cryptocurrency was a scam and might have no association to the president-elect. Several hours later, Trump announced $Trump on his X and Truth social accounts. The meme coin website described it as the "only official Trump meme". Its logo is a digitally-stylized image of Trump raising his fist after surviving the attempted assassination in July 2024.

A disclaimer said that the coin was "not intended to be, or the subject of" an investment opportunity or a security and was "not political and has nothing to do with" any political campaign, political office or government agency. The terms of the offering prohibit coin buyers from joining any class-action lawsuits against the project and assert indemnity against any claims. Trump promoted the coin on the night of its ICO while a "Crypto Ball" was underway.

The New York Times reported in January 2025 that Trump affiliates controlled an additional 800 million tokens that, hypothetically, could be worth over $56 billion at the current market value, potentially making Trump one of the richest people in the world at an estimated net worth of $63.8 billion.

In March 2025, a Financial Times analysis found that the crypto project netted at least $350 million ($314 million from the sale of the tokens and $36 million from fees). However, by July 2025, New York reported that the president's holdings in the coin were only worth about $93 million. This was contradicted by reporting in The New Yorker in August 2025 suggesting that holdings held by Trump through a partnership "are potentially worth several billion dollars" and that actualized profits from the meme coin were $385 million.

2025 private dinner

In April 2025, the top 220 holders of the coin were offered dinner with the president, and the very top 25 holders would receive a special VIP White House tour. Following the announcement, the coin jumped more than 50%. Analysis found that leaked information about the promotion allowed certain traders to make bets on the coin before it was publicly announced. According to The New York Times, certain buyers in interviews and statements said they "bought the coins or entered the dinner contest with the intention of securing an action by Mr. Trump to affect United States policy".

On May 13, The New York Times reported that GD Culture Group, a small company with ties to China, no reported revenue in 2024, and an affiliation with TikTok, announced it would spend $300 million on purchasing Bitcoin and $Trump using proceeds from "a stock sale to an unnamed entity in the British Virgin Islands". The purchase was the first known instance of a China-linked firm buying Trump's cryptocurrency. TikTok is facing a ban in the US, although Trump has postponed the decision several times.

According to The New York Times, at least twenty investors sold or transferred their holdings in $Trump on May 12. The bidding process allowed certain investors to profit; in one instance, an investor, known only as "Noah", purchased US$2.2 million in $Trump before the contest and sold it at the end of the contest, profiting over US$950,000. In an apparent effort to stop the sell-off, the social media account associated with $Trump promised to give investors who kept their coins a non-fungible token known as "Trump Diamond Hand" and that they would earn reward points.

Several investors were able to attend the dinner for only the cost of trading fees by shorting $Trump. According to NBC News, the winners of the contest collectively spent US$394 million. References to a tour of the White House were later removed from the dinner's website; a senior Trump official stated that the administration was not conducting a tour for the investors.

The "black-tie optional" dinner was held at Trump National Golf Club Washington, D.C. in Sterling, Virginia. Before the dinner, protesters had gathered to condemn the gathering, shouting, "Shame!" The menu featured filet mignon, pan-seared halibut, and a "Trump organic field green salad". An attendee who spoke to The Verge described "pretty light" security, Trump's limited presence and his speech—delivered behind a podium with the presidential seal—and a private afterparty at the Washington Marriott Capitol Hill hosted by Memecore.

Trump's speech was approximately fifteen to twenty minutes long. Four of the highest-paying investors, including Justin Sun, were given US$100,000 Tourbillon watches. The dinner was Sun's first visit to the United States since being investigated by the United States attorney for the Southern District of New York in 2021.

2026 private event

In April 2026, the top buyers of the $Trump coin attended a Mar-a-Lago event where they got potential facetime with Trump. The Citizens for Responsibility and Ethics in Washington (CREW) condemned the event and the $Trump coin as unethical.

Token distribution

According to the meme coin's website, ownership of the token is primarily concentrated in two Trump owned entities: CIC Digital LLC and Fight Fight Fight LLC, which together hold 80 percent of the coins remaining after the ICO. Trump's personal profit under this ownership structure is unclear. The holdings are scheduled for gradual release over three years.