More than $1 billion in losses have been recorded by the Trump family from its crypto portfolio. This came as a result of the market crash that affected many other investment bodies.
According to a report by Bloomberg, their portfolio has lost more than $1 billion in a few months due to the recent crypto crash.
For instance, the TRUMP memecoin has lost another 25% since August. The Bitcoin mining joint venture stake held by Eric Trump also shed almost half of its value since its peak. Shares of Trump Media have also sunk to near-record lows despite the company’s Bitcoin accumulation this year.
According to the Bloomberg Billionaires Index, the fortune of the Trump family has plunged to about $6.7 billion. This is a drop from about $7.7 billion at the start of September. Most of the loss was because of the family’s deep exposure to crypto ventures.
Investors who also put money into Trump-linked projects have taken even greater damage. Many who bought at the top are sitting on near or total losses now.
However, Eric Trump insists the downturn is just a temporary setback and urged investors to embrace volatility.
“What a great buying opportunity,” he said. “People who buy dips and embrace volatility will be the ultimate winners.”
World Liberty Financial has taken heavy losses as well. It’s seen the Trump family’s stash of WLFI tokens plunge in paper value. It fell from nearly $6 billion to about $3.15 billion.
Trump Media & Technology Group had invested more in crypto this year. The company then disclosed $2 billion in purchases related to Bitcoin. With around 11,500 BTC bought at an average price close to $115,000, the firm is currently about 25% down on the investment.
Meanwhile, Trump Media partnered with Crypto.com to launch Truth Predict to recover its losses.
Additionally, World Liberty Financial has seen losses on its WLFI token. The coin has dropped from $0.26 to around $0.14 since September. Some U.S. Senators have asked federal agencies to look into how the Trump family project distributes its tokens amid illegal sale reports.
Also of concern are losses by American Bitcoin Corp. This is a mining venture founded as a partnership between Eric Trump, Donald Trump Jr., and Hut 8 Corp. Shares of American Bitcoin Corp reached as high as $9.31 in early September but have since fallen by more than 50%
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