An investigation by Bloomberg and The Washington Post has revealed that a significant portion of the top holders of Donald Trump’s meme coin—currently being used to promote an exclusive dinner with the former president—are likely foreign investors using offshore crypto exchanges that bar U.S. customers.
Bloomberg’s analysis found that 76% of the token value held among the top 220 wallets is likely foreign-owned, with at least 56% of the wallets using foreign exchanges that exclude U.S. residents. All but six of the top 25 holders—those eligible for a VIP reception—used such platforms, raising questions about how these individuals, many of whom remain anonymous behind usernames, will be vetted for access to the May 22 dinner at Trump’s Virginia golf club.
Meanwhile, data obtained by The Washington Post paints a stark contrast between early, high-dollar speculators and small-time retail investors. Around 67,000 novice crypto buyers—many of them U.S.-based Trump supporters—have seen the value of their holdings plunge by 80% or more, with only about 3% of these buyers making gains. The majority purchased the coin near its price peak in January following promotional efforts tied to Trump’s inauguration and events like the “Crypto Ball.”
While the top 220 wallets have amassed over $225 million in $TRUMP coins, much of the financial upside has gone to Trump-affiliated wallets. These wallets have generated over $43 million in fees and $312 million in coin sales, despite the coin’s overall value declining. One affiliated company, Fight Fight Fight—linked to the Trump Organization—reportedly holds 80% of the total coin supply.
Critics, including Sen. Jeff Merkley (D-OR) and Rep. Adam Schiff (D-CA), have called the operation a blatant avenue for political graft. Merkley has introduced legislation to ban top government officials from profiting from meme coins, citing ethical concerns over using crypto as a conduit for influence.
Despite White House claims that Trump is not directly profiting—citing a trust managed by his sons—Trump has publicly promoted the coin and the associated dinner, which continues to draw scrutiny. A recent post touting the gala event garnered over 30 million views on X.
As debate swirls around legality and ethics, the $TRUMP coin remains near all-time lows, valued around $11. Yet buyers continue to pile in, with some companies like Freight Technologies recently announcing plans to invest up to $20 million in the coin to support preferred trade policy.
The disconnect between promotional hype and investor outcomes, along with the dominance of foreign wallet holders, adds fuel to a growing controversy over transparency, influence, and personal gain at the highest levels of U.S. politics.
Texas Reporter 