U.S. President Donald Trump earned more than $1.4 billion last year through a family-linked cryptocurrency business, but growth in his personal assets appears to have been concentrated in traditional financial assets such as stocks and bonds rather than digital assets including bitcoin.

Cryptopolitan, a blockchain outlet, reported on July 13 that Trump’s newly released 2025 financial disclosure report put his stock and bond portfolio at $703 million to $2.6 billion as of end-2024.

That compares with $225 million to $608 million at end-2023. Even at the minimum, it more than tripled, and at the maximum it more than quadrupled. But the U.S. federal disclosure system requires assets to be reported in ranges rather than exact amounts, so it was not confirmed which specific assets the crypto-business proceeds moved into.

Nine digital-asset experts cited by Cryptopolitan analysed that Trump still holds a substantial amount of cryptocurrency, but that traditional financial assets remain the main means of holding his personal wealth.

His crypto investment also expanded. The disclosure report shows Trump held 15.75 billion governance tokens in World Liberty Financial, a family-founded crypto project, as of end-2024, with an assessed value of at least $50 million. He received the tokens as compensation for his role at the company. They are subject to a longer vesting schedule than tokens held by ordinary investors, so he cannot immediately sell them on the market.

Businesses operating World Liberty Financial and the Trump memecoin were also shown to hold at least $160 million worth of bitcoin and ether as of end-2024. The filings also put holdings of other cryptocurrencies at up to $6 million. That is well above the ether holdings listed in the 2024 disclosure report, at $1 million to $5 million. The figures include holdings not only by Trump but also by legal entities that manage his business interests.

By contrast, the report did not list any newly acquired shares in publicly listed cryptocurrency companies backed by Eric Trump and Donald Trump Jr. The names of those companies were not specified in the disclosed documents.

Democrats, meanwhile, again raised the possibility of conflicts of interest surrounding the Trump family’s crypto business. Five Democratic senators — Elizabeth Warren, Richard Blumenthal, Gary Peters, Dick Durbin and Ron Wyden — on July 11 called on a Republican-led Senate committee to hold a related hearing. They said national security risks could arise if foreign money flows into the Trump family’s crypto business.

In a joint statement, the senators said the disclosed materials were fuelling concerns that the president was pushing crypto legislation that benefits an industry from which he gains financially. They also said moves by the administration to exempt crypto companies from existing financial regulation, and the Justice Department’s disbanding of a national crypto enforcement team, were adding to the conflict-of-interest controversy.

In a letter, the lawmakers said the Trump family’s crypto business generated most of his income last year, with related proceeds amounting to about $1.4 billion. They pointed to World Liberty Financial as a core business that brought Trump hundreds of millions of dollars in gains.

They also raised suspicions of foreign money inflows. The Democratic lawmakers cited reports that an organisation linked to UAE national security adviser Sheikh Tahnoon bin Zayed Al Nahyan bought a 49 percent stake in World Liberty Financial, and said further investigation was needed into an unnamed third party whose real name was not disclosed in the financial filing. They urged a Senate hearing to examine the president’s crypto holding structure and the possibility that foreign funding could influence policymaking.

The disclosure material shows that while Trump made large profits from crypto businesses, he greatly increased the share of stocks and bonds, which are relatively less volatile, in managing his personal assets. It also predicts that the focus of future controversy will shift from the crypto business itself to its ownership structure, whether foreign funds flowed in, and what impact that could have on policymaking.