A large chunk of the $2 billion haul President Donald Trump took in last year came as hundreds of thousands of his fans and other investors bet on a speculative cryptocurrency called $TRUMP, hoping its value would soar with his return to the White House.

去年，特朗普总统获得了20亿美元的巨额收益，其中很大一部分来自数十万支持者和其他投资者对名为$TRUMP的投机性加密货币的押注，他们希望这种货币的价值能随着特朗普重返白宫而飙升。

But while Trump amassed an eye-popping $636 million from the cryptocurrency, known as a memecoin, many of his followers who heeded his call to purchase the coin came out losers.

然而，当特朗普从这种被称为“迷因币”(memecoin)的加密货币中获得了高达6.36亿美元的惊人收益，许多听从他的号召购买该货币的追随者却成了输家。

That outcome, documented by an independent analysis of trades and fees paid out from $TRUMP token sales, is drawing renewed attention this week, as Trump for the first time has detailed the extraordinary $1.4 billion in revenue he secured just from the cryptocurrency industry since he returned to the White House.

这一结果由对$TRUMP代币的销售交易和支付费用的独立分析所证实。本周，随着特朗普首次详细披露自重返白宫以来从加密货币行业获得的14亿美元惊人收入，这一结果再次引起了人们的关注。

The president’s 927-page financial disclosure showed how Trump and his family reaped huge financial rewards in 2025 through his money-losing Trump Media venture and a separate cryptocurrency firm called World Liberty Financial, even as routine investors suffered vast losses.

总统长达927页的财务披露显示，2025年，尽管普通投资者遭受了巨大损失，特朗普及其家人仍通过其亏损的特朗普传媒企业和一家名为世界自由金融的独立加密货币公司获得了巨额财务回报。

He also amassed hundreds of millions through deals that involved foreign governments or corporations with agenda items pending before the Trump administration.

他还通过涉及外国政府或企业的交易积累了数亿美元，而这些交易涉及的议题当时正由特朗普政府审议。

On Wednesday, Trump dismissed questions about how much money he had made after returning to the White House, suggesting that he left personal financial decisions related to his investments to others.

周三，特朗普对关于他重返白宫后赚了多少钱的质疑不予理会，表示他把与投资相关的个人财务决策交由他人处理。

“I don’t know if I had a better career in politics or business,” Trump said as he was about to board his new Air Force One jet donated by the government of Qatar with his two oldest sons, Eric Trump and Donald Trump Jr., looking on. “But I had a great career in business. And you saw the cash.”

“我不知道自己政界还是商界的职业生涯更好，”特朗普在准备登上卡塔尔政府捐赠的新“空军一号”专机时说，他的两个年长的儿子埃里克·特朗普和小唐纳德·特朗普在一旁看着。“但在商界，我确实有过辉煌的职业生涯。你们也看到了那些钱。”

去年8月，埃里克·特朗普（左）和小唐纳德·特朗普站在纳斯达克大楼外。

The memecoin, which features an image of Trump pumping his fist the way he did after a 2024 assassination attempt, has no intrinsic value itself. Instead, it was a bet on the aura around Trump and the idea that the coin’s fortunes would rise with his presidency.

这种迷因币上有特朗普在2024年遭遇暗杀未遂后挥舞拳头的形象，其本身并没有内在价值。相反，它更像是对特朗普个人光环的押注，赌的是这种代币价值会随着他的总统任期而水涨船高。

In a way, Trump’s cryptocurrency windfall is a reflection of the speculative nature of the nascent industry, in which executives behind these often highly volatile ventures are at times able to generate huge profits at the expense of smaller investors, who often lose vast sums on experimental coins.

在某种程度上，特朗普从加密货币中获得的意外之财反映了这个新兴行业的投机性质。在这些通常会剧烈波动的项目中，幕后高管有时能够以牺牲小投资者为代价赚取巨额利润，小投资者则常因投资实验性代币而损失惨重。

Former federal financial regulators said Trump has taken that to a new extreme, structuring his crypto ventures so he always made money on the front end, according to disclosures from the companies, no matter what happened to the business in the long run.

前联邦金融监管机构人员表示，根据这些公司的披露，特朗普将这种做法推向了一个新的极端：他构建自己的加密货币项目架构，确保无论项目长期发展如何，自己总能在先期获利。

“It is hard to wrap your head around that the president of the United States would engage in this level of self-enrichment at the expense of so many of his supporters,” said Lee Reiners, a former Federal Reserve Bank examiner who now studies cryptocurrency issues at Duke University. “This is a president of the United States who has made more money off crypto since he took office than he made in any prior year in his entire business career.”

“美国总统竟然会以牺牲这么多支持者为代价，中饱私囊到这个程度，实在令人难以理解，”曾在联邦储备银行担任审查员、现于杜克大学研究加密货币问题的李·雷纳斯说。“这位美国总统上任以来靠加密货币赚到的钱比他在整个商业生涯中任何一年赚的钱都多。”

The White House, in a statement Wednesday, rejected the suggestion that Trump is exploiting his followers.

白宫在周三的一份声明中驳斥了特朗普正在利用其追随者的说法。

“All actions by President Trump and his administration are taken in the best interest of the American people,” Anna Kelly, a White House spokesperson, said in the statement. “Neither the president nor his family has ever engaged — or will ever engage — in conflicts of interest.”

“特朗普总统及其政府的所有行动都是为了美国人民的最大利益，”白宫发言人安娜·凯利在声明中说。“无论是总统还是他的家人，过去从未——将来也绝不会——卷入利益冲突。”

As of the middle of last year, according to Chainalysis, a crypto analytics firm, 58 investors in the $TRUMP coin had made profits in excess of $10 million, totaling an estimated $1.1 billion — most of them early traders who got out before the coin crashed in value. At the same time, some 764,000 crypto wallets, most with small holdings, lost money on $TRUMP, the Chainalysis data shows.

加密货币分析公司Chainalysis的数据显示，截至去年年中，$TRUMP币的58名投资者已经获得了超过1000万美元的利润，总计约11亿美元，他们当中大多数是早期交易者，在该代币暴跌前就已经套现离场。与此同时，Chainalysis的数据显示，大约76.4万个加密货币钱包（大部分持有量较小）在$TRUMP上亏损。

But every time $TRUMP was traded, the president and his partners collected transaction fees, which along with other revenues from the coin totaled hundreds of millions of dollars, his financial disclosure shows.

但总统的财务披露显示，每当$TRUMP被交易一次，总统及其合作伙伴都会收取交易手续费，这与该代币的其他收入加起来，总计达数亿美元。

Trump’s annual report shows that he earned an additional $799 million from World Liberty, including a large share when the government of the United Arab Emirates secretly purchased a stake in the company, just as Trump was returning to the White House.

特朗普的年度报告显示，他从世界自由金融额外赚取了7.99亿美元，其中包括阿联酋政府在特朗普重返白宫之际秘密购买该公司股份时他所分得的一大笔收益。

Meanwhile, the price of $WLFI, a cryptocurrency coin created by World Liberty Financial, has sunk to less than 6 cents, a more than 80% drop from its peak, generating enormous losses for investors who bought in at a higher price.

与此同时，由世界自由金融创建的加密货币$WLFI的价格已跌至不到6美分，较峰值下跌了80%以上，给高价买入的投资者造成了巨大损失。

That decline did not matter much for Trump: A Trump entity received a 75% cut of all sales of $WLFI, according to a disclosure by the company, allowing him to profit from the coin long before its price cratered.

这种下跌对特朗普来说影响不大：根据该公司的披露，一家特朗普旗下的实体从$WLFI的所有销售中抽取了75%的份额，这使他能够在该代币价格暴跌之前很久就从中获利。

While he was accumulating this new wealth, Trump’s administration was taking steps that allowed his crypto ventures to raise their profits. Early last year, the Securities and Exchange Commission announced that it would not regulate memecoins as a security. And Trump promoted legislation he signed into law expanding the use of stablecoins in the United States, a few months after World Liberty issued its own such coin.

在他积累这些新财富的同时，特朗普政府也在采取措施，为其加密货币业务创造更多利润空间。去年年初，美国证券交易委员会宣布，将不会把迷因币作为证券进行监管。此外，在世界自由金融发行了自己的稳定币数月后，特朗普推动并签署了一项立法，扩大了稳定币在美国的适用范围。

第一夫人梅拉尼娅·特朗普去年通过销售她的迷因币赚取了约600万美元。

(Stablecoins are a form of cryptocurrency that are supposed to maintain a lock on a $1 value and then are used as a way to store crypto investment funds or buy goods or services. Memecoins are considered collectibles that buyers speculate might increase in value.)

（稳定币是一种加密货币，设计初衷是将其价值锁定在一美元，通常被用作存储加密投资资金或购买商品及服务的方式。迷因币则被认为是收藏品，买家投机猜测其价值可能会上升。）

“I find it sad that these investors have no protection from the SEC — the agency has gleefully abandoned them,” said John Reed Stark, the former chief of the SEC office that investigated online investment fraud. “It is all about a scam that is as old as securities markets themselves — and it is called a pump-and-dump scheme that enriches a few at the expense of the masses.”

“我痛心的是，这些投资者得不到证券交易委员会的保护——这个机构已经兴高采烈地抛弃了他们，”曾任证券交易委员会网络投资欺诈调查办公室主任约翰·里德·斯塔克说。“这完全是一个与证券市场本身一样古老的骗局——也就是所谓的‘拉高出货’骗局，以牺牲大众为代价让少数人致富。”

The agency did not immediately respond to a request for comment.

证券交易委员会没有立即回应置评请求。

Trump has not shown signs that he is discouraged by the financial losses of his investors. Instead, he has looked for ways to temporarily increase the price of his cryptocurrency ventures through special promotions.

特朗普并没有表现出因其投资者遭受财务损失而沮丧的迹象，而是一直想方设法通过特别促销活动来暂时提高其加密货币项目的价格。

Last year, for example, he held a dinner at his Virginia golf club for the top buyers of his memecoin, sparking a bidding war that attracted investors from around the world, temporarily pushing up the price.

例如，去年，他在自己位于弗吉尼亚州的高尔夫俱乐部为他的迷因币主要买家举办了一场晚宴，引发了一场吸引全球投资者的竞价战，从而暂时推高了该币价格。

A similar event at Mar-a-Lago this year generated much less investment, with the price of $TRUMP hovering around $2.83, about an 80% decline from a year earlier.

今年在马阿拉歌庄园举办的一场类似活动吸引到的投资少得多，$TRUMP的价格徘徊在2.83美元左右，较一年前下跌了约80%。

The coin is “completely dead,” said Morten Christensen, an investor who attended the $TRUMP event at Mar-a-Lago. “Nobody cares about a meme that’s down 97%.”

参加过马阿拉歌庄园$TRUMP活动的投资者莫滕·克里斯滕森说，该代币已经“彻底死透了”。“没有人会去在乎一个暴跌了97%的迷因币。”

Even some of the president’s staunchest supporters in the crypto world have grown disillusioned.

就连加密货币界中一些总统最坚定的支持者们也逐渐感到幻。。

In April, crypto mogul Justin Sun, who spent tens of millions of dollars on $WLFI and $TRUMP, sued World Liberty, claiming that the company had illegally prevented him from selling his stash in order to prop up the price. (World Liberty denied the claims.)

4月，曾在$WLFI和$TRUMP上投入数千万美元的加密货币大亨孙宇晨起诉了世界自由金融，声称该公司为了支撑价格而非法阻止他出售自己持有的代币。（世界自由金融否认了这些指控。）