A new reconciliation maps every documented winner of the Trump crypto complex: 58 wallets took $1.1 billion, validators took $100 million in a week, and one income line survives the crash by law.

Vilnius, Lithuania — President Trump’s June 30 financial disclosure put a signed number on his crypto year: at least $1.4 billion, including $635 million in memecoin royalties. A new analysis from independent research publication Stack & Story, “Where the Two Billion Went,” starts where that filing stops: if 813,294 wallets lost $2.0 billion on the TRUMP token, and the family’s registered take explains less than a third of the documented winnings, who took the rest?

Key findings:

• The TRUMP loss pool nearly closes against four documented winner cohorts: roughly $616 million to Trump-family entities (Reuters), $1.1 billion to 58 large wallets (Chainalysis), about $100 million to Solana validators and MEV operators in launch week (Helius), and a residual near $184 million for exchanges and unattributed actors.
• The 58 winning wallets are 0.007 percent of the 813,294 losing wallets identified in a New York Times-commissioned forensic analysis.
• The best-documented winner, a trader Bubblemaps calls “Naseem,” funded a fresh wallet with $1 million four hours before the launch announcement, bought within 30 seconds of the tweet, and exited with about $109 million.
• Solana’s daily fee revenue hit an all-time high of $56.9 million on January 19, 2025, driven by TRUMP trading; validators collected over 100,000 SOL in two days.
• The cleanest single transfer in the set: ALT5 Sigma raised $750 million from shareholders, spent $717 million on WLFI tokens, more than $500 million of which flowed to the family, and its shares fell from above $9 to under $1.
• One income line needs no bull market: USD1’s $4.6 billion float earns an estimated $178 million a year for its issuer while paying holders zero, an arrangement the GENIUS Act’s July 18 rules make permanent for every compliant issuer.

“Everyone wrote that he made billions while holders lost billions. The number nobody had was the split,” said Mr Gintautas, founder of Stack & Story. “The president was not the biggest winner of his own memecoin. Fifty-eight anonymous wallets out-earned him.”

Methodology: figures assembled from the June 30 OGE disclosure, the Reuters investigation of June 9, the NYT-commissioned forensic analysis, Chainalysis, Bubblemaps and Helius data, with prices from CoinGecko and rates from FRED. Measurement windows differ across sources; the reconciliation is directional, not audited, and is labeled as such throughout.

Read the full analysis: stackandstory.com/stories/the-transfer-ledger

Disclosure: Stack & Story holds no position in the assets discussed and earns nothing from their movement. This is analysis, not investment advice.

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