The crypto token backed by the Trump family has now started trading publicly, with holdings owned by US President Donald Trump and his children estimated to be worth around $5 billion.
Their crypto firm, World Liberty Financial, which was launched during the last presidential campaign, has raised questions about potential conflicts of interest given Trump's role in regulating the industry.
The company raised funds through the sale of WLFI digital tokens, which initially blocked investors from selling their holdings.
But in July, investors approved a vote to allow early buyers to sell up to 20% of their holdings.
On Tuesday, WLFI was trading around $0.22 on exchanges such as Binance and Coinbase, after plunging about 50% since trading began on Monday. Despite the decline, it is still higher than the initial purchase price, allowing many investors to record profits.
According to financial disclosures, Trump himself owns 15.75 billion WLFI tokens worth over $3.4 billion, making it one of the largest sources of his wealth.
In total, the Trump family controls nearly 25% of the 100 billion WLFI tokens issued, worth around $5 billion at current prices.
According to Reuters, they also received a portion of the proceeds from the token sale, which is estimated to have brought in more than $500 million.
This revenue was further boosted after World Liberty Financial merged with a publicly traded firm that raised $750 million to buy the cryptocurrency, putting the company in an unusual position as both a buyer and seller of WLFI tokens.
Donald Trump has previously expressed his desire to make the US the “crypto capital of the world” while taking a more relaxed approach to the industry.
