A federal disclosure reports nearly $1.2 billion in crypto-business income as The Washington Post documents growing disillusionment among some crypto fans.

The Washington Post reports that Trump has lost favor with some crypto fans, who accuse the president of cashing in as their investments sour. Its reporting describes young, mostly male investors who once celebrated Trump as the first pro-crypto U.S. president.

The numbers behind that criticism are substantial. A federal financial disclosure shows Trump reported nearly $1.2 billion in income from crypto businesses last year, even as the $TRUMP meme coin and other tokens and coins tied to those businesses plunged in value after their sales.

The streamer who bought in, then soured

Carl Runefelt, a crypto-focused streamer known as “the Moon” with 2.2 million followers on TikTok, told The Washington Post he doesn’t follow politics. But he was genuinely excited the first time he heard a major politician talk about bitcoin on the world stage.

Runefelt bought extra bitcoin to celebrate what he saw as the first pro-crypto U.S. president. He also bought a little of the president’s own token. That enthusiasm, once common in crypto circles, has visibly cooled as token prices slid and Trump’s own earnings mounted.

His account places one crypto supporter’s purchases alongside the broader decline in token values and the rapid growth in revenue reported by Trump’s crypto businesses.

What the financial disclosure actually shows

The numbers come from Trump’s mandatory annual disclosure filed with the Office of Government Ethics, a 927-page document. According to the Associated Press, it shows nearly $1.2 billion flowing into his crypto businesses last year. The BBC, tallying the same filing, put the crypto-related total at roughly $1.4 billion.

More than $500 million came from World Liberty Financial, a crypto firm founded by Trump’s sons and the children of special envoy Steve Witkoff, largely from selling new crypto products including “governance tokens.” Another business, CIC Digital LLC, took in more than $600 million from sales of meme coins stamped with the president’s face. The disclosure also listed $635 million in royalties from an entity called Celebration Coins, which the BBC reports is thought to be behind the $TRUMP meme coin.

What makes those figures sting for investors is the trajectory. The ventures were mere startups when Trump took the oath of office, and they have now eclipsed in revenue much of a property portfolio that took him decades to build. The tokens and coins, meanwhile, have plunged in value since the sales.

The White House response and the conflict question

The White House has repeatedly denied any conflict of interest, emphasizing that Trump placed his businesses in a trust managed by his sons. Deputy press secretary Anna Kelly said the president had proudly made the United States “the crypto capital of the world” and insisted that neither the president nor his family has ever engaged, or will ever engage, in conflicts of interest.

Trump himself has said “everybody” is profiting from rising markets and that he doesn’t get involved with his personal finances. Supporters can point to real policy wins: his administration moved to quash a federal crackdown on the crypto industry, a shift that helped fuel the ventures’ rise alongside investments from billionaire backers.

The AP reported that the trust arrangement rejects conflict-of-interest protections adopted by Trump’s recent predecessors, while describing a web of business interests, many of which benefited from policy moves by Trump’s government. Forbes estimates Trump’s net worth at $6 billion, up from $2.3 billion in 2024. Those details have added to questions raised in reporting on crypto fans’ disillusionment.

Why the political math is getting worse

The crypto backlash lands at a moment when Trump’s broader standing is slipping. A latest Gallup poll found just 37 percent of U.S. adults approve of the job he’s doing, a second-term low, with notable erosion among independents.

The Washington Post’s reporting describes young, male crypto fans who had been enthusiastic about Trump’s pro-crypto stance. It does not establish how large that group is or whether its reported disillusionment will affect turnout or voting in November.

The midterms add urgency. CNN reports that strong Democratic candidates are putting Senate races in play that were long assumed to stay Republican, and that Trump’s flagging popularity is only part of the GOP’s problem heading into the fall.

What remains unresolved

Several questions are still open. It’s unclear whether the disillusionment among crypto fans translates into actual votes, or whether loyalty to Trump’s broader agenda outweighs resentment over token losses. The Washington Post’s reporting documents the sentiment; the electoral consequence is a prediction, not a fact.

It’s also unclear whether the $TRUMP coin and related tokens can recover, or whether future disclosures will report comparable levels of crypto-related income. The White House has continued to defend the trust arrangement and deny any conflict of interest.

What is documented is that Trump reported substantial crypto-related income while tokens and coins tied to his crypto businesses fell in value. Whether the disillusionment reported among some crypto fans affects elections remains an open question.