Trump Became a Crypto Billionaire Overnight Thanks to ‘Trump Meme’ Coin

President-elect Donald Trump‘s new cryptocurrency token has made him a billionaire many times over, but concerns remain over the ethics of the scheme in light of his presidency.

According to Axios, Trump’s crypto holdings reached $58 billion in worth on paper that when put together with his other assets could put him among the richest people in the world.

Trump announced the launch of the token, which he is calling “$TRUMP,” on Friday by inviting his followers to “Join my very special Trump Community.” The cryptocurrency‘s slogan reads: “Join the Trump Community. This is History in the Making!”

Marketing materials for the coin depict Trump with a raised fist following the assassination attempt against him this past summer with “FIGHT FIGHT FIGHT” and Trump’s signature superimposed over the image.

Created by CIC Digital LLC — an affiliate of the Trump Organization that has sold other Trump merchandise, including a “God Bless the USA Bible,” Trump sneakers, cologne commemorating the assassination attempt and $100,000 diamond watches — the token began trading at $10 each on Friday but reached $70 by Sunday morning, according to The Associated Press. The Trump Meme website states that the Trump Organization owns 80 percent of the cryptocurrency, and it says they will slowly release more over the next three years while profiting from “trading revenue” generated by the sales.

The site also includes a disclaimer that the cryptocurrency “is not political and has nothing to do with any political campaign or any political office or governmental agency.”

“Trump Memes are intended to function as an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol ‘$TRUMP,'” it continued.

The legal disclosures state that the tokens are not “an investment opportunity, investment contract or security of any type.”

Trump during the 2024 campaign repeatedly promised to be a pro-crypto president, earning him support and millions in donations from bitcoin and blockchain gurus after the Biden administration’s Securities and Exchange Commission chairman, Gary Gensler, launched a legal crackdown on the industry. Major cryptocurrency figures are informally advising Trump, and some are speculated to be shortlisted for key positions in his administration.

Trump, who profited significantly during his first term in office through his hotels and resorts, stands to rake in even more during his second time in the White House.

“It is literally cashing in on the presidency — creating a financial instrument so people can transfer money to the president’s family in connection with his office” Adav Noti, executive director of a nonprofit ethics group, Campaign Legal Center, told The New York Times. “It is beyond unprecedented.”