US President Donald Trump exiting the stage at the Burning Hills Amphitheater (AP Photo)Written by Shatakshi SaklaniIn its annual financial disclosure report for 2025, the US Office of Government Ethics (USOGE) showed that US President Donald Trump made more than $1 billion last year from his crypto currency ventures, making digital assets one of the largest sources of his income.The report also stated his earnings from India, a major source of which was through licensing the Trump brand to real estate developers. Here’s what to know.According to the 927-page document, Trump made roughly $635 million through royalties tied to a licence agreement with Celebration Coins: an entity believed to be linked to the Trump “meme” coins, a cryptocurrency launched by the US President just days before returning to the White House in January 2025.A large portion of Trump’s digital asset earnings were also linked to the World Liberty Financial, a family crypto venture that he and his sons co-founded. According to a Reuters report, his companies received close to $800 million from World Liberty Financial. Of this, more than $520 million came from the sales of crypto tokens and over $250 million from the sale of interests in the World Liberty business.In his previous financial disclosure, Trump had reported $57.35 million from token sales at World Liberty. The latest disclosure, however, records hundreds of millions of dollars in World Liberty Financial-related proceeds, illustrating the rapid expansion of Trump’s crypto business.Some have raised concerns over a conflict of interest. Since Trump returned to the White House, he has put into place several policies and initiatives aimed at boosting the crypto industry. This includes the signing of the GENIUS (Guiding and Establishing National Innovation for U.S. Stablecoins) Act in July 2025, that would “pave the way for the United States to lead the global digital currency revolution”.Story continues below this adAlso Read | Why the US Supreme Court struck down Trump’s birthright citizenship orderThe White House, however, has denied any conflict of interest. White House spokesperson Anna Kelly said in a statement: “Neither the President nor his family has ever engaged — or will ever engage — in conflicts of interest. President Trump proudly made the United States the crypto capital of the world through executive actions.”While crypto has emerged as one of Trump’s biggest revenue generators, his traditional businesses — particularly golf courses and resorts — continue to yield results.Business interests in IndiaThe financial disclosure indicated that one major source of Trump’s earnings from India was derived from licensing the Trump brand to real estate developers for large-scale projects, usually luxury developments.Brand Trump has witnessed a significant expansion drive in India, with projects launched in major Indian cities including Gurgaon, Noida, Hyderabad, Pune, Mumbai, and Kolkata.Story continues below this adThe disclosure identifies several licensees of the Trump brand in India, including established real estate companies such as Reliance 4IR Realty Development Limited, M3M India Private Limited, IRA The Edge Developers LLP and Tribeca Creators LLP.The Indian Express had reported in August 2025 that on November 14, 2024, the Trump Organization floated four companies to license the Trump brand name in India: DT Marks Noida 94 LLC, DT Marks Gurgaon 111 LLC, DT Marks Gurgaon 69 LLC, and DT Marks Pune Mundhwa LLC. A month before the US elections, DT Marks Hyderabad LLC was incorporated on October 16, 2024.The USOGE report provided the earnings obtained from the licence fees. The combined income received by DT Marks Gurgaon 69 LLC and DT Marks Gurgaon LLC comes up to roughly $5.4 million (approximately Rs 51.5 crore).DT Marks Hyderabad LLC, DT Marks Noida 94 LLC, and DT Marks Pune Mundhwa LLC recorded income of $1.5 million (approximately Rs. 14.28 crore) each. DT Marks Worli LLC (in Mumbai) reported a licence fee of $180,850 (approximately Rs. 1.72 crore), while DT Tower Kolkata LLC reported $96,697 (approximately Rs. 92 lakh) in licence fees and royalty.The author is an intern at The Indian Express.