The Pakistan connection that helped Donald Trump make $1.4 billion crypto jackpot

U.S. President Donald Trump's latest mandatory financial disclosure has revealed the scale of his gains from the cryptocurrency boom, with businesses linked to digital assets, including some with connections to Pakistan, generating more revenue than much of the real estate empire that first built his fortune.

A 927-page disclosure filed with the U.S. Office of Government Ethics showed Trump earned at least $2 billion in revenue during 2025. Of this, an estimated $1.4 billion came from cryptocurrency ventures controlled by trusts that benefit him. The disclosure has renewed debate in Washington over potential conflicts of interest while also drawing attention to Pakistan's growing association with Trump's crypto business, a development that could have implications for India.

Trump’s crypto U-turn

The filing highlights Trump's dramatic shift on cryptocurrencies. During his first term as president, he had publicly said he was "not a fan" of cryptocurrencies and described Bitcoin as being "based on thin air." Since returning to the White House, however, he has rolled back much of the Biden administration's regulatory approach to digital assets, signed legislation supporting the sector and pledged to make the United States the "crypto capital of the world."

According to the disclosure, around $799 million in revenue came from Trump's interest in World Liberty Financial (WLF), the decentralised finance company that he co-founded, where he is listed as "co-founder emeritus." The company is managed by his sons, Donald Trump Jr. and Eric Trump. The filing also attributed roughly $636 million to sales of the $TRUMP memecoin launched shortly before his inauguration. Together, these businesses account for the bulk of Trump's newly reported wealth.


Also read: Crypto, real estate, watches: How Donald Trump made over $1 billion last year

The filing further showed that CIC Digital LLC generated another $600 million through sales of Trump-themed meme coins and collectibles. Additional income came from licensing agreements and sales of Trump-branded Bibles, watches and sneakers.

The White House has maintained that there is no ethical issue because Trump does not directly manage these businesses and that administration decisions are made solely in America's national interest. Critics, however, argue that unlike several previous presidents who either divested assets or placed them in blind trusts, Trump continues to benefit from trusts overseen by his sons.

Trump & Pakistan

The debate also extends into foreign policy. WLF has become closely associated with Pakistan's efforts to establish itself as a digital finance hub after years of strained ties with Washington. Earlier this year, Pakistan's Ministry of Finance and the Pakistan Virtual Assets Regulatory Authority signed a memorandum of understanding with a WLF affiliate to explore integrating the company's dollar-backed stablecoin, USD1, into Pakistan's regulated payments infrastructure. The initiative aims to support billions of dollars worth of remittances and cross-border transactions.

The signing ceremony in Islamabad was attended by Prime Minister Shehbaz Sharif, Finance Minister Muhammad Aurangzeb, Pakistan Army Chief Field Marshal Asim Munir and WLF Chief Executive Zachary Witkoff, the son of Trump's close associate and Middle East envoy Steve Witkoff.

For Pakistan, the partnership represents more than a financial technology initiative, the report said. It also signals a broader reset in relations with Washington, marking a sharp departure from Trump's first term between 2017 and 2021, when he accused Pakistan of giving the United States "nothing but lies and deceit", suspended hundreds of millions of dollars in military assistance and repeatedly alleged that Islamabad was sheltering terrorists while receiving American aid.

Read more: ‘Profiting from Presidency?’: Trump denies conflict concerns despite family’s $1.2 Bn Crypto income

Trump's rhetoric has since changed significantly. He has repeatedly praised Pakistan's leadership, particularly Field Marshal Asim Munir, while highlighting renewed cooperation on security and economic issues. Zachary Witkoff's engagement with Pakistani leaders, along with the leadership roles of Donald Trump Jr. and Eric Trump at WLF, has prompted foreign policy experts to question whether commercial ties could also influence geopolitical alignments, the report added.

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