But few of his crypto ventures have attracted as much attention or scrutiny as his memecoin.
Unveiled three nights before the January 2025 presidential inauguration, $TRUMP emerged from a partnership between Mr. Trump and a longtime employee, serial entrepreneur Bill Zanker. When the coins went on sale, the Trump family and its business partners charged a fee on each transaction that totaled at least $320 million in the first few months.
Last April, the coin’s backers tried to generate more sales by inviting investors to compete for 220 seats at an “intimate private dinner” with Mr. Trump at Virginia Golf Club. The contest effectively gave crypto enthusiasts and even foreign investors a way to funnel money into the Trump family’s coffers without requiring publicity.
On the night of the event, protesters gathered near the club, led by Sen. Jeff Merkley, Democrat of Oregon, who called it “the Mount Everest of corruption.” Inside, Mr. raged. Trump vs. the Biden administration as investors dined on filet mignon and “Trump organic field green salad.”
The president did not seem deterred by the backlash. This year he hosted an even bigger competition.
On March 12, the official X account of the $TRUMP coin announced plans for the conference at Mar-a-Lago, with Mr. Trump as a luncheon speaker alongside Mike Tyson, the former heavyweight champion, and Paolo Ardoino, who runs the crypto firm Tether. Attendees were also promised Trump-branded perfume, a Trump commemorative poster, a Trump trading card collectible and a “red beauty watch” emblazoned with the president’s name.
The rules of the competition were complicated. For each coin purchased, investors would receive one point on a public leaderboard. Every hour investors held these funds, another point was awarded for each coin, a system designed to discourage anyone from selling. The competition was set to end on April 10, with the top 297 investors getting seats at Mar-a-Lago; the top 29 would also get access to a smaller reception with Mr. Trump.
