On Monday, the top 220 buyers of a Donald Trump-sponsored cryptocurrency won access to an exclusive dinner with the president

The cryptocurrency, called $TRUMP, was created in mid-January and boasts a market capitalization of over $2bn after months of investors buying into the heavily promoted coin.

The top 220 buyers of a Donald Trump-sponsored cryptocurrency will win access to an exclusive dinner with the president at Trump National golf club in Virginia on 22 May.

The cryptocurrency, called $TRUMP, was created in mid-January and boasts a market capitalization of over $2bn. A Trump family-linked company and another firm own a majority of the coins, according to Reuters.

“Congratulations, if you’re in the top 220 on the leaderboard we will be contacting you in the next 24 hours. Check your inbox (and spam folder) and expect a phone call for the Trump Official Dinner invitation and details,” the $TRUMP website announced mid-day on Monday.

“President Trump will see YOU on May 22 at the Gala Dinner in Washington D.C.”

Trump’s crypto enterprise has drawn criticism from Democrats, ethics watchdogs and even the Securities and Exchange Commission over potential conflicts of interest and allegations of corruption. The contest to dine with the president has also drawn concern as it could create an avenue for foreign influence.

The president’s involvement in the coin has been a closely guarded secret, with the administration refusing to comment on the matter. However, Trump himself has personally announced the winners of the dinner and the identities of the coins’ biggest buyers on his Truth Social platform.

Trump also frequently promotes the coin to his 8.8m followers on the platform, urging them to buy the coin and mentioning it in posts about other topics.

The coins are sold on decentralized exchanges, which are not subject to the same regulations as traditional stock exchanges and allow for greater anonymity among users.

The Trump Organization and another firm, named on the incorporation papers as Fight Fight Fight LLC, own a majority of the coins and will split the proceeds from the sale of the $TRUMP tokens, according to a filing with the Securities and Exchange Commission.

The Trump family-linked company is named on the filing as holding 51% of the coins and Fight Fight Fight LLC, which is named on the papers as sponsoring the coin, owns 49%.

The Trump Organization did not immediately respond to a request for comment.

A judge in California recently dismissed a lawsuit that was filed against Trump and his company over the cryptocurrency venture. The lawsuit, which was filed by a group of Trump supporters, alleged that the president was using his position to enrich his family business and open himself up to foreign influence.

In February, the judge ruled that the plaintiffs lacked standing to sue and that their claims were not yet ripe for adjudication.

“This is a high-security, high-status event with President Trump,” the coin’s website states.

“If you earned a seat at the table, it’s because you earned it.”

The rules listed on the coin’s website suggest that the person who bought the coin can also send someone else instead of themselves, stating that if the buyer can’t attend they are able to list the name of a family member or friend to go in their place.

Although the coin’s buyer leaderboard is public, it doesn’t explicitly list the names of the winners. The site instead lists only the usernames and cryptocurrency wallet numbers of the buyers, which has led to speculation about who is vying for a place at the dinner and what political or financial interests they may harbor.

Many of the top $TRUMP holders used foreign cryptocurrency exchanges that ban US users from purchasing the coins, according to Bloomberg’s analysis of the crypto wallets. Democrats and government ethics groups have alleged that the meme coin could allow foreign entities to purchase influence with the president, with Richard Blumenthal, a Connecticut senator, opening an ethics inquiry into Trump’s cryptocurrency activities.

“$TRUMP allows, and even invites, anyone in the world, including foreign governments and unscrupulous individuals, to directly enrich the President, while hiding potential payoffs in the pseudonymity of the blockchain,” Blumenthal wrote in a letter last week to Bill Zanker, who named on the papers of incorporation for the Fight Fight Fight LLC sponsoring the coin.

The White House has claimed that the auction, which Trump has personally promoted on his Truth Social platform, will not influence the president’s policy choices. White House press secretary Karoline Leavitt told reporters last week that Trump is “abiding by all conflict of interest laws” through his cryptocurrency endeavors.

The price of the $TRUMP coin has fluctuated wildly since it debuted on 17 January. It initially rose to around $75 a coin before plummeting downward in the following weeks and then hovering around $12 at the time of the auction’s end. Around 750,000 buyers have lost money trading the coin, while the biggest buyers collectively spent millions to reach the top of the leaderboard.