TRUMP memecoin generated $635M in royalties for Trump

The Ethics Office published Trump's asset disclosure today. 927 pages. The main figure isn't BTC. In 2025, total earnings from crypto and memecoins exceeded 1.2 billion dollars. 635 million dollars from TRUMP memecoin, mostly royalties. 588 million dollars net from World Liberty Financial token sales. In the personal wallet, there is over 50 million dollars in BTC, plus an ETH position, but this part remains small compared to the total. So the situation is this: the person generating the policy also possesses the direct cash flow of that policy. The market is pricing it as a "Trump trade," but the real size isn't in spot BTC, it's in the issuance and licensing mechanism. The individual investor buys the coin and waits. The money up top isn't made on the coin, but by the structure issuing the coin.