Trump crypto investors face $4.7 billion in losses, Public Citizen report finds
Millions in losses for Trump-linked crypto investors
Investors in at least five cryptocurrency projects tied to President Donald Trump are holding assets worth far less than they paid, according to a new report from advocacy group Public Citizen.
The group estimated total losses of at least $4.7 billion. In contrast, Trump reported earning at least $1.4 billion from his crypto ventures in 2025. The report notes that most of the investor losses are "unrealized," meaning the assets have dropped in value but the investors have not yet sold them.
Where the losses add up
The largest hit comes from the TRUMP memecoin, which launched in January 2025 just days before Trump's inauguration. Public Citizen estimated that roughly 1 million retail wallets holding the token are underwater by a combined $3.2 billion. Only about $400 million of those losses have been locked in through actual sales.
World Liberty Financial (WLFI) accounts for another $1 billion in estimated losses. This includes a $1.04 billion paper loss for Nasdaq-listed AI Financial Corp., which bought billions of WLFI tokens for about $1.46 billion in August 2025. The company's stock has since fallen 91%.
Trump Media also faces a $450 million paper loss on its bitcoin treasury. The company held roughly 9,477 bitcoin as of June 30, which were purchased for about $1.006 billion but were valued at only $557 million by the report's estimates. Buyers of three Trump Digital Trading Card collections saw an estimated $9.3 million in losses, while holders of the USD1 stablecoin were not assigned losses because it has kept its dollar value.
Who kept the profits
The report highlights that early buyers and Trump himself captured the majority of the gains. Wallets that bought TRUMP during the token's first two days accounted for nearly 90% of the profits made by retail investors.
Meanwhile, Trump faced little financial risk. The report states that Trump’s tokens were allocated to his company rather than purchased with his own money, and his other income came from licensing fees. Because he did not invest capital, his proceeds should be considered almost entirely profit.
Why this matters
The findings draw a sharp contrast between the fortunes of the president and the average buyer. While Trump’s crypto empire generated significant income, retail investors who bought in after the initial hype have seen the value of their holdings collapse. The situation underscores the volatility of memecoins and the risks for late entrants in high-profile crypto launches.
