A new financial disclosure shows Donald Trump and his family earned at least $2.2 billion in 2025, making it one of the biggest income disclosures of his career, as per the Office of Government Ethics filing. The filing covers Trump’s businesses, investments, assets, liabilities and sources of income.
Trump’s reported income is more than three times higher than the minimum $622 million disclosed in the previous year’s filing. The biggest change is that cryptocurrency, not real estate, became Trump’s largest source of income in 2025.
Crypto became Trump’s biggest money-maker
Trump reported earning at least $1.4 billion from crypto-related businesses during 2025. Crypto alone generated well over half of Trump’s total reported earnings, showing how important digital assets have become to his business empire, as reported by Financial Express.
One of the biggest earnings came through CIC Digital LLC, the company linked to Trump’s NFT and memecoin projects. CIC Digital reported more than $635 million in royalty income, mostly through a licensing agreement with Celebration Coins.
Another huge contributor was World Liberty Financial, the crypto company backed by Trump, his sons and Steve Witkoff. Trump’s business owns a 38.25% stake in World Liberty Financial. The company generated more than $594 million for Trump through token sales, equity sales and other crypto-related transactions.
Token sales alone brought Trump over $236 million. Equity sales added another more than $65 million. Other token distribution payments contributed more than $150 million. Trump separately reported nearly $197 million from an equity sale involving Stablecoin Holdco, as noted by Financial Express.
Trump’s crypto tax bill could be enormous
Trump’s $1.4 billion crypto income appears to be taxable, according to tax experts. A cryptocurrency tax accountant told CBS News that Trump may have to pay at least $250 million in taxes on his crypto earnings. If the entire $1.4 billion were taxed as personal income at the maximum federal tax rate of 37%, Trump’s tax bill could reach about $518 million, before deductions. However, experts say the actual amount could be much lower because of business structures, deductions and possible losses.
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Experts also say it is unclear whether the income should be treated as capital gains or ordinary income, because the disclosure gives only limited details. Under IRS rules, digital assets are generally taxed similarly to traditional investments, but the exact tax depends on how the income was earned, reported by CBS News. If the income belongs to Trump’s businesses instead of him personally, it could be taxed at lower corporate tax rates.
Trump could also legally reduce his tax bill by using business losses to offset gains, experts said. The White House did not answer CBS News questions about how Trump paid taxes on the crypto income or whether deductions were used. Unlike several recent US presidents, Trump has not publicly released his tax returns, making it difficult to verify his tax payments.
Tax transparency questions remain
The lack of public tax returns means it is impossible to know exactly how much Trump owes or has already paid, as reported by CBS News. A Justice Department settlement signed in May also limits the IRS and Treasury Department from pursuing certain claims tied to Trump’s previous tax returns.
That settlement followed Trump’s lawsuit over the leak of his tax records to media organisations in 2020. The agreement also included a proposed $1.7 billion “anti-weaponization” fund, but a federal judge paused it and Acting Attorney General Todd Blanche later said the department was not moving forward with the fund.
Trump’s investment portfolio expanded sharply
Trump reported holding eight brokerage accounts with investments across the US stock market. The filing includes more than 680 pages of stock buying and selling activity. Frequently traded companies included Amazon, Microsoft, Nvidia, Apple, Netflix and Exxon Mobil, as stated by Financial Express.
Some investments in Microsoft, Nvidia and Apple were valued between $1 million and $5 million. According to The New York Times, Trump’s investment assets increased to at least $857 million, up from at least $236 million a year earlier. The portfolio also includes corporate bonds and exchange-traded funds (ETFs), making it similar to a diversified investment portfolio.
Trump’s latest financial disclosure shows his business empire is now driven primarily by cryptocurrency. Experts also say the exact amount of tax Trump owes on his $1.4 billion crypto income remains unknown, because the ownership of the companies, deductions and tax treatment are not publicly disclosed.
