From the perspective of income, being President Trump is a side job, while engaging in crypto is the main job.

The U.S. Office of Government Ethics (OGE) yesterday released Trump's 2025 financial disclosure filing, 927 pages.

From an income perspective, Trump's main job in 2025 was crypto, with being president as a side gig.

Total 2025 income: crypto-related $1.22B, more than he earned in all his previous decades combined.

Of that: meme coin royalties ($TRUMP): $636 million; World Liberty Financial token sales: $515 million; WLF holding company equity: $65 million.

The rest — golf courses, resorts, global real estate — added up to about $350 million.

So crypto : real estate = 74% : 26%.

This is a historic first for a sitting U.S. president: crypto income exceeded the total of all his traditional businesses combined.

Trump goes to Mar-a-Lago in Florida every weekend, which has been called the "Southern White House."

Just to earn venue fees for events held there?

Last year, Mar-a-Lago's revenue was about $50 million. Bedminster Golf: $33 million. But compared to crypto: a full year of Mar-a-Lago's revenue is less than the quarterly royalties of $Trump meme coin.

How is this money made?

The meme coin structure is very clear.

The $TRUMP token launched in January 2025, with a total supply of 1 billion tokens. 800 million were directly locked by two Trump-affiliated entities (CIC Digital LLC + Fight Fight Fight LLC) before the launch.

Retail investors could only buy 200 million tokens.

These 200 million tokens trade on the market, with each transaction automatically charging a fee to the project's wallet. The token plunged over 96% from its high of $72, but Trump's side still continued to collect royalties and fees.

The OGE document plainly states "royalty under licensing agreement" — from a contract between CIC Digital and Celebration Coins. Legally, this is called a licensing fee. In essence, it's continuously harvesting a market he personally inflated and then abandoned.

On the WLF side, there was another undisclosed transaction: four days before the inauguration, a sovereign wealth fund under UAE National Security Advisor Sheikh Tahnoon secretly purchased a 49% stake in WLF for $500 million, with about $187 million flowing to Trump family entities.

Four days later, he was sworn into office.

After that, the Trump administration relaxed export restrictions on AI chips to the UAE. G42, the AI company controlled by Tahnoon, was one of the biggest beneficiaries.

Not over yet

This $1.2 billion-plus is just what's already in the bag.

The remaining 800 million tokens are unlocked in stages over a three-year schedule. At current prices, the book value still has hundreds of millions of dollars to be released.

As for WLF's WLFI governance tokens, the Trump family still holds over 15 billion tokens, not yet cashed out.

In other words, the numbers in this financial disclosure filing are the amounts already received. The iceberg below the surface is much larger.

A Historical Landmark

In 2024, Trump's crypto income was $57 million (WLF early token sales), accounting for about 9% of his total income that year.

In 2025, that number became 74%.

Within one year, a U.S. president's income structure was completely rewritten.

Not because his business got better, but because the boundary between the crypto industry and executive power, in his hands, has essentially disappeared.

He holds both the power to set regulatory rules (the GENIUS Act was signed by him) and the ability to withdraw money from this market.