The Trump family’s new crypto tokens are worth well over $10 billion on paper, after a frenzied rally sent the value of digital assets soaring in the days leading up to the inauguration.
So-called memecoins received another boost Monday when Robinhood, the trading platform that made a large donation to Mr. Trump’s inauguration fund, began allowing its customers to trade the $TRUMP coin. Memecoins, a type of cryptocurrency tied to an online joke or celebrity mascot, are not often available for trading on major platforms.
Mr. Trump announced the launch of the new token, known as $Trump, on Friday evening. Another token, $Melania, went on sale Sunday evening. Trump affiliates appear to control the majority of the tokens, which will be released gradually over the next few years.
Before the tokens began trading, Forbes put Mr. Trump’s net worth at $6.7 billion, with most of it coming from Trump Media and Technology Group, which runs the social media platform Truth Social.
Ethics watchdogs have warned of worsening conflicts of interest as Mr Trump returns to the White House, with tokens creating new opportunities for executives, crypto traders and businesses in the United States and outside the United States to curry favor with the Trump administration.
A former crypto skeptic, Mr. Trump embraced the digital currency industry last year, promising to make the United States the “crypto capital of the planet.” In September, he and his sons helped start a crypto company, World Liberty Financial. He has also tapped supporters of looser crypto regulation to fill key regulatory and advisory positions within his administration.
Cryptocurrency markets have risen sharply since Mr. Trump’s election victory. The price of Bitcoin hit a new record high on Monday, surpassing $109,000.
Eric Lipton And David Yaffe-Bellany reports contributed.
