President Donald Trump’s personal finances have undergone a fundamental transformation since he first sought the presidency a decade ago — from golf clubs and hotel licensing fees to cryptocurrency token sales, Saudi licensing payments and tens of thousands of securities trades.

In 2016, when Trump was elected to his first term, the portfolio was built almost entirely on what Trump had run for decades: real estate, golf clubs, hotels and licensing agreements.

Brokerage and securities holdings like municipal bonds and stocks generated minimal income. Cryptocurrency did not appear at all.

But the picture began to shift by late 2024, according to an analysis of information compiled by Trump’s Wallet, a project…