But few of his crypto actions have attracted as much attention or scrutiny as his memecoin.
Unveiled three nights before the presidential inauguration in January 2025, $TRUMP emerged from a partnership between Mr. Trump and longtime associate, serial entrepreneur Bill Zanker. When the coins went on sale, the Trump family and its business partners collected a fee for each transaction, totaling at least $320 million in the first months.
Last April, supporters of the coin tried to boost sales by inviting investors to compete for 220 seats at an “intimate private dinner” with Mr. Trump at a Virginia golf club. In effect, the competition gave cryptocurrency traders and even foreign investors a way to funnel money into the Trump family’s coffers without disclosure requirements.
On the night of the event, protesters gathered near the club, led by Sen. Jeff Merkley, D-Oregon, who called it the “Mount Everest of corruption.” Inside, Mr. Trump criticized the Biden administration as investors dined on filet mignon and “Trump Organic Field Green Salad.”
The president seemed undeterred. This year he organized an even bigger competition.
March 12 was the official X account of $TRUMP coin he announced plans for a conference at Mar-a-Lago where Mr. Trump will be a luncheon speaker along with Mike Tyson, the former heavyweight champion, and Paolo Ardoin, who runs the crypto firm Tether. Participants were also promised Trump-branded perfume, a commemorative Trump poster, a Trump trading card, and a “red beauty watch” emblazoned with the president’s name.
The rules of the contest were complex. For each coin purchased, investors would earn a point on a public leaderboard. Every hour that investors held these funds, an additional point was awarded for each coin, a system designed to discourage anyone from selling. The contest was set to end on April 10, with the top 297 investors earning spots at Mar-a-Lago; the top 29 would also have access to a smaller reception with Mr Trump.
