President Donald Trump earned a $636 million payout from his Official Trump (TRUMP) memecoin while the people who bought it lost considerably more, according to blockchain data from Nansen and Trump’s own 2025 financial disclosure.

The analytics firm counted 988,905 wallets that lost a total of $3.81 billion by the end of June.

Nansen’s tally, first reported by The New York Times, adds up money already lost with paper losses still sitting in wallets that have not been sold. 

Roughly two in three wallets that ever bought TRUMP are underwater. Less than 500,000 wallets booked about $4 billion in profit, and Nansen said those gains were made by early buyers and automated traders who bought before the run-up and sold into the crowd that…