A Year Later, Trump’s ‘Most Exclusive’ Memecoin Event Is a Lot Less Exclusive

But few of his crypto actions have attracted as much attention or scrutiny as his memecoin.

Unveiled three nights before the presidential inauguration in January 2025, $TRUMP emerged from a partnership between Mr. Trump and a longtime associate, the serial entrepreneur Bill Zanker. When the coins went on sale, the Trump family and its business partners collected a fee on each transaction, totaling at least $320 million in the first few months.

Last April, the coin’s backers tried to drive more sales by inviting investors to compete for 220 seats at an “intimate private dinner” with Mr. Trump at the Virginia golf club. In effect, the contest gave crypto traders and even foreign investors a way to funnel money into the Trump family’s coffers, with no public disclosure requirements.

The night of the event, protesters gathered near the club, led by Senator Jeff Merkley, Democrat of Oregon, who called it “the Mount Everest of corruption.” Inside, Mr. Trump railed against the Biden administration as investors dined on filet mignon and “Trump organic field green salad.”

The president appeared undeterred by the backlash. This year, he hosted an even bigger contest.

On March 12, the $TRUMP coin’s official Trump as a lunchtime speaker alongside Mike Tyson, the former heavyweight champion, and Paolo Ardoino, who runs the crypto firm Tether. Attendees were also promised Trump-branded perfume, a commemorative Trump poster, a collectible Trump trading card and a “red beauty watch” emblazoned with the president’s name.

The contest’s rules were convoluted. For every coin purchased, investors would receive a point on a public leaderboard. Every hour the investors held onto those funds, another point would be awarded for each coin, a system designed to discourage anyone from selling. The contest was slated to end on April 10, with the top 297 investors earning spots at Mar-a-Lago; the top 29 would also get access to a smaller reception with Mr. Trump.