A report released Thursday by government watchdog Public Citizen estimates that President Donald Trump’s assorted cryptocurrency products have left investors on the hook for billions of dollars in losses.

In total, Public Citizen found that Trump’s crypto schemes have left investors at least $4.7 billion in the hole, with the majority of those losses coming from investments into the president’s personal meme coin, which he launched just three days before the start of his second term.

The value of Trump’s meme coin peaked at over $73 per token two days after its launch. Since then, its value has completely cratered and it is currently trading in the $2 range.

Early investors in the coin scooped up tokens that they quickly unloaded to other buyers, who were left holding the bag after the value of the digital assets collapsed.

In all, Public Citizen explained, 1% of wallets that invested in the coin reaped 80% of all gains, while 65% of wallets that put money into it are underwater to the tune of $3.2 billion.

Even as many investors in the Trump coin saw the value of their investments deteriorate, the president profited handsomely, hauling in $635 million in licensing fees from the coin last year alone.

Trump was also not personally hurt by the coin’s drop in value given that he invested no money to acquire his own share of the digital tokens, which Public Citizen estimated is worth $271 million.

While the Trump meme coin accounted for the lion’s share of losses suffered by investors, Public Citizen also highlighted the damage done by governance tokens issued by World Liberty Financial, the cryptocurrency venture co-founded by Donald Trump Jr. and Eric Trump in 2024.

As explained by Public Citizen, a governance token is “a digital commodity that conveys to holders certain ‘rights with respect to the associated functional crypto system,’ according to the SEC and Commodity Futures Trading Commission (CFTC).”

In practice, however, Public Citizen said that owning such tokens is akin to having “membership in a condo board—but without actually getting to vote on many issues or even own the condo.”

The price of the tokens reached a peak of $0.33 per unit in September 2025, but they’re now trading at under $0.06 per unit.

And much like the Trump meme coin, a small group of early investors made a killing on the tokens while most others racked up losses totaling at least $1 billion.

“The accredited and foreign investors who got in on the private sale paid $0.015 or $0.05, meaning they’re up anywhere from 15% to 283%,” wrote Public Citizen. “Almost everyone who bought the tokens on the public market, though, is down—possibly as much as 83%, if they bought at the peak.”

Public Citizen also highlighted the money lost by people who bought nonfungible tokens (NFTs) that Trump marketed as digital trading cards and that sold for $99 a piece.

While the cards were initially worth $12.3 million at the time of their release, their aggregate value has since fallen to $3 million, leaving investors $9.3 million underwater. But regardless of how well investors in the cards fared, Trump still made $7.2 million in licensing fees and royalties on secondary market sales, Public Citizen found.

Zach Everson, research director for Public Citizen’s Trump Accountability Project and author of the report, cautioned Trump critics against ridiculing people who invested in the president’s crypto products in a Thursday social media post.

“Trust me, I get the desire to sneer,” wrote Everson. “People decided to put their money into virtual currencies backed by the word of a man who: admitted to misusing charitable funds; took six companies into bankruptcy; was convicted of 34 felony counts of falsifying business records. But these people got screwed over nevertheless.”

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