Buyers of President Trump's meme coin are converging from around the globe

By Michelle Conlin. Updated: April 18, 2024, 1:13 a.m. PDT.

Buyers from as far away as China and Taiwan are converging on Thursday on President Trump's private country club, on the rolling hills overlooking the Potomac River just outside the nation's capital, for an exclusive dinner with the former president.

Among those who will be in attendance is China-born crypto entrepreneur Justin Sun, who is the last-minute winner of the dinner in a fundraising contest with his $18.5 million wallet, and who is also the largest publicly known investor and an adviser to World Liberty Financial, the Trump family's crypto platform, which has made them hundreds of millions of dollars.

On Wednesday, Sun posted a video of himself visiting the Executive Office Building, next to the White House. The U.S. Securities and Exchange Commission recently paused its 2023 case against Sun over fraud allegations, which Sun has denied.

Sun declined to comment but posted on X that he is "grateful for the invitation." The SEC did not immediately respond to a request for comment.

In total, investors have spent an estimated $148 million on the $TRUMP meme coin to secure their seats at the dinner, and the top-25 holders have contributed more than $111 million, according to crypto intelligence firm Inca Digital. These top holders will enjoy a private VIP reception with Trump, and the four largest investors will also receive a limited edition Trump Tourbillon watch that sells for $100,000.

A company controlled by the Trump family and a second firm together hold 80% of the remaining supply of $TRUMP coins, and have so far earned $320.19 million in fees, including at least $1.35 million after the dinner announcement, according to blockchain analytics firm Chainalysis.

More than half of the 220 holders at the black-tie event are likely based outside of the United States, according to blockchain analysis.

The White House maintains that Trump's assets are managed in a trust overseen by his children and that he has no role in the administration's operations.

The White House and the Trump Organization did not respond to requests for comment.

Vincent Liu, chief investment officer of Taiwan-based crypto market maker Kronos Research, said he will arrive at the banquet with hopes of networking with other top holders and even possibly meeting the president. "That kind of access is rare, and it represents how digital assets are entering the mainstream."

PRIVATE COCKTAIL RECEPTION

Sheldon Zia, founder of the Cayman Islands-based crypto exchange BitMart, posted on X that, as a top-25 holder, he is heading to not just the dinner but also a private VIP cocktail reception before the dinner and a private VIP tour the following day.

An initial announcement said the 25 VIPs-the majority of their identities so far unknown-would tour the White House. That detail has since been deleted from the $TRUMP meme website (www.gettrumpmemes.com).

There are also domestic Trump supporters such as Vincent Deriu, a 27-year-old New York consultant who said he already owns "many" Trump-branded watches, "a few pairs of" Trump sneakers, and "more than 50" Trump NFTs. Deriu will join the dinner on Thursday, for $116,000.

Democratic lawmakers, who will hold a press conference on Thursday in protest against the dinner, have demanded the release of all attendees' names, and issued a statement saying, "With foreign-linked wallets, untraceable transactions, and no press allowed, the event raises alarming questions about foreign influence, national security, and the growing corruption at the heart of Trump's crypto empire."

Of all of the Trump family's cascade of new crypto ventures - which now include a crypto exchange, a stablecoin, a bitcoin mining operation and digital asset ETFs - the meme coin has sparked particularly strident criticism from Democratic lawmakers and government watchdog groups, who have decried it as "a race to the bottom for presidential grifting."

They say the coin allows the president to use an unregulated industry to enrich himself and court foreign influence by allowing anonymous foreign individuals to personally purchase access to Trump.

The White House has responded to such criticism in the past, with Anna Kelly, White House Deputy Press Secretary, telling Reuters: "President Trump's assets are in a trust managed by his children. There are no conflicts of interest."

But even some Trump allies are starting to intervene, with Republican Senator Cynthia Lummis, a robust and staunch crypto industry advocate, saying the dinner gives her "pause."

Since the $TRUMP meme coin launched in January, the profits have favored big investors: more than 60 large wallets have profited close to $1.5 billion, with $48 million in profits occurring after Trump posted about the