President Donald Trump's personal financial disclosures show his money managers channeled a large share of his crypto windfall into conventional stocks and bonds – even as he and his sons continued to publicly champion digital assets to investors, many of whom have lost money on the same trades.
Trump reported receiving more than $1.4 billion last year from his family's crypto projects, including World Liberty Financial and the Trump meme coin, according to his latest financial disclosures filed with the U.S. Office of Government Ethics.
Over that same period, his holdings of traditional stocks and bonds grew sharply: between $703 million and $2.6 billion at the end of 2025, compared with between $225 million and $608 million at the end of 2024, according to a Reuters analysis. The disclosure forms report ranges rather than exact figures, and it remains unclear precisely how the crypto proceeds were allocated into safer holdings.
The shift comes as retail investors in Trump-backed crypto ventures have absorbed steep losses. A separate Reuters investigation found that buyers in the four main Trump-affiliated crypto projects had lost $2.3 billion as of April.
Timothy Massad, director of the Digital Assets Policy Project at Harvard's Kennedy School and a former chairman of the Commodity Futures Trading Commission, argued the revelation of the president's apparently thinning skin in the crypto game speaks loudly about his actual convictions.
"His personal strategy is to make a quick buck from crypto... but then invest his profits in traditional assets," Massad told Reuters.
The Trump Organization pushed back on any suggestion of retreat from digital assets, with a spokesperson saying the disclosure "demonstrates that The Trump Organization continues to maintain a strong financial position."
The White House, meanwhile, said the president's assets sit in fully discretionary accounts managed by independent third-party institutions. Neither statement addressed why crypto proceeds were redirected into stocks and bonds.
Despite the reallocation, Trump has not exited digital assets entirely. He held 15.75 billion World Liberty crypto governance tokens, valued at more than $50 million, as of the end of last year, and Trump-affiliated entities managing World Liberty and the meme coin project held at least $160 million in bitcoin and ether and up to $6 million in other tokens at the end of 2025 – a sharp increase from the $1 million to $5 million in ether reported a year earlier.
Eric Trump and Donald Trump Jr., who oversee the trust managing their father's assets, have been among the most vocal promoters of the family's crypto ventures. Eric Trump has repeatedly predicted bitcoin would reach seven-figure valuations and said his father "believed in digital assets in a big way."
A breakdown of the OGE disclosures by the BBC showed Trump's crypto windfall now dwarfs even his long-standing real estate business: he reported roughly $77 million from Mar-a-Lago and $122 million from his Doral golf resort last year. The reversal is notable given Trump's own history with the asset class – he had previously dismissed bitcoin as a "disaster waiting to happen," a far cry from his more recent efforts to rebrand the U.S. as the "crypto capital of the world."
The disclosures land against a backdrop of turbulence for so-called digital asset treasury companies, or DATs – publicly traded firms that stockpile crypto as a core business strategy. Michael Saylor's Strategy, the largest of these firms, has authorized additional bitcoin sales, a move that has intensified scrutiny of the sector.
Reuters reports that Strategy has already sold roughly $218 million in bitcoin this year to fund dividends and rebuild dollar reserves, part of a broader plan that included a share buyback program and authorization for up to $1.25 billion in additional bitcoin sales. The company's stock, which soared through much of last year, hit two-year lows last month.
Bitcoin itself has fallen as much as 33% this year, pressured by geopolitical tensions, rising oil prices, and a Federal Reserve reshaped under new chair Kevin Warsh, whose expected push to shrink the central bank's balance sheet is seen as a further headwind for risk assets. The aggregate market value of DAT companies peaked last July alongside a broader crypto market that briefly touched $4 trillion, before a wave of liquidations dragged valuations down sharply.
Many DATs now trade below the net asset value of their crypto holdings – a reversal of the premium valuations that once let them raise capital to buy more tokens. Strategy itself fell below that threshold for the first time last month.
Other treasury firms, including Nakamoto Inc., have also begun trimming their crypto stockpiles this year, selling off portions of their bitcoin holdings to shore up balance sheets.
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