Trump’s crypto-frenzied inauguration weekend makes first family billions of dollars richer
Snoop Dogg was the lead act at the first-ever Crypto Inaugural Ball held in Washington on Friday evening
MacKenzie Sigalos
As the crypto industry celebrates the arrival of a new administration in Washington, D.C., nobody is taking quicker advantage of the coming changes than the person leading the charge: President Donald J. Trump.
On Friday night, crypto A-listers rubbed elbows with political elites and members of Trump’s inner circle at the Crypto Ball, held at the opulent Mellon Auditorium, just down the street from the White House.
Meanwhile, Trump’s net worth was about to explode from an asset that, up to that point, didn’t exist. The same night of the party, the incoming president launched $TRUMP, a meme coin built on the Solana platform. Its market cap over the weekend climbed past $14 billion. Like with other meme coins, there’s no underlying product. Trump told his followers in a social media post, “It’s time to celebrate everything we stand for: WINNING!”
The website for $TRUMP says 80% of the coins are held by the Trump Organization and affiliates.
Inside the Crypto Ball were some of the leaders of the platforms allowing ordinary investors to buy into Trump’s newest project. They included Coinbase CEO Brian Armstrong and Kraken co-founder Jesse Powell.
Trump wasn’t done after one token.
On Sunday came the introduction of $MELANIA, named after the first lady. The coin quickly spiked more than 40%, surpassing $2 billion in value. Both the Trump and Melania coins have dropped significantly from their highs.
Then there’s World Liberty Financial, a decentralized finance project endorsed by the Trump family, which hiked its token price from 1.5 cents to 5 cents and released an additional 5 billion tokens for sale. The project, initially launched in September, has raised more than $300 million in total sales so far, according to blockchain firm Arkham Intelligence.
The Trump family gets 75% of World Liberty’s crypto coin revenue, according to the project’s founding document. On-chain data shows millions of dollars worth of token transfers to Coinbase’s institutional custody provider.
“We’re making routine movements of our crypto holdings as part of regular treasury management, payment of fees and expenses, and to address working capital requirements,” World Liberty said in a statement.
CNBC reached out to Donald and Melania Trump earlier Monday and didn’t receive a response.
‘Reign of terror’
In the period of 48 hours, the Trump family’s net worth surged by billions of dollars, based on holdings of its just-launched digital assets, underscoring the unregulated nature of cryptocurrencies and the president’s ability to use his fame, power and newfound partnership with the nascent industry to enrich himself, his family and his allies at the flip of a switch.
Broader market enthusiasm has been expressed in the price of bitcoin, which surged to an all-time high hours before the inauguration to nearly $110,000. Crypto industry leaders and investors emerged as some of Trump’s biggest supporters in the campaign in an effort to influence future policies and to ease the restrictive regulations imposed during the Biden administration. In July, Trump delivered the keynote at the Bitcoin Conference in Nashville, Tennessee.
Digital asset entrepreneurs, politicians, and members of Trump’s inner circle hit the red carpet at the first-ever Crypto Inaugural Ball in Washington on Friday.
MacKenzie Sigalos
“The reign of terror against crypto is over,” David Sacks, a prominent Silicon Valley investor and the new White House AI and crypto czar, told the packed D.C. ballroom on Friday night. His comments were met with applause that echoed beneath the Mellon Auditorium’s soaring columns.
Sacks, an earlier Trump critic who said the events of Jan. 6, 2021, had “disqualified” him from being a candidate at the national level, threw his weight behind Trump last year. He hosted a high-profile fundraiser at his San Francisco mansion in June and regularly promoted the Republican candidate on the popular “All-In” podcast.
“The beginning of innovation in America for crypto has just begun,” Sacks added on Friday.
On X, formerly Twitter, conversations were lighting up about the new $TRUMP coin. There was plenty of skepticism from those in and around the industry.
“Trump needs to fire his crypto advisors, from top to bottom and replace with people who know what they are doing,” wrote Gabor Gurbacs, founder of digital asset firm Pointsville, in a post on X. “The memecoins cost the US, the presidency and his family a lot of credibility and the consequences haven’t even started.”
Mark Cuban, the billionaire former tech entrepreneur and part owner of the Dallas Mavericks, commented on the apparent lawlessness of it all. Cuban, a longtime independent who became a vocal supporter of Democratic nominee Kamala Harris, said the coins are particularly harmful to the crypto industry in its effort to prove its legitimacy.
“Hello every scam targeted at everyone and anyone who has no clue about crypto,” he wrote.
But at the pre-inauguration party, Trump’s new coin wasn’t much of a topic. Rather, the chatter centered on the broader implications of Trump’s policies, which promised to dismantle years of regulatory gridlock in the Biden administration.
“Two years ago, everyone thought crypto was dead,” said one attendee who asked not to be named in order to speak candidly on the topic. “A year ago, we were begging for help, and this weekend, we’re on top of the world.”
Crypto firms made substantial contributions to Trump’s inaugural fund, signaling their enthusiasm. Ripple donated $5 million in digital tokens, while Coinbase, Kraken, and Circle each gave $1 million. Online brokerage Robinhood contributed $2 million.
Inside the first-ever Crypto Ball at the Mellon Auditorium in Washington ahead of the Donald Trump Inauguration.
MacKenzie Sigalos
Coinbase and Kraken have both been battling the SEC in court. Robinhood received a Wells Notice in May related to its U.S. crypto business, which is typically one of the final steps before the SEC issues formal charges. Ripple has been in a years-long legal fight with SEC and outgoing Chairman Gary Gensler.
“The question now is, what do we do with this momentum?” said Ripple Chief Legal Officer Stuart Alderoty, who attended the Friday night festivities. “How do we take that momentum and move forward to really create the promise that I think this new administration has of making the U.S. the crypto capital of the world?”
Alderoty wants to see a coalition formed to discuss unified policy priorities.
“Ultimately, Congress will own the policy, and we can’t dictate to Congress what the policy should be,” Alderoty said. “It would be great if, ahead of that, in the face of the most crypto-friendly Congress we’ve ever had, there could be some alignment on what the priorities are,” Alderoty said, noting that the industry has splintered in the past when proposals have been introduced.
Inside the Crypto Ball
There was a hefty dose of lawmaker support at the party, all from the Republican side of the aisle. House Speaker Mike Johnson was there, along with Senators Marsha Blackburn, Ted Cruz and Cynthia Lummis. Former House members French Hill and Patrick McHenry arrived to show their support.
Cleanspark CEO Zach Bradford, who has been meeting with Trump in private roundtables to discuss bitcoin mining, said he spoke with Howard Lutnick, Trump’s pick to be Secretary of Commerce, at the event.
“We talked about bitcoin mining and how bitcoin, but also bitcoin mining, can be a central point of commerce,” Bradford told CNBC.
Bradford said he emphasized to Lutnick the potential for bitcoin mining to be a significant economic driver.
“It’s a positive revenue generator from a net production perspective,” Bradford said. “But we’re also contributing significant tax revenues for the states where we operate.”
Bradford said Lutnick is “excited about it,” describing him as “somebody that gets bitcoin.”
Scott Bessent, likely to be the next Treasury secretary, made his way through the main floor of the ballroom and took photos with attendees.
Koh Harada, COO of Aleo, a privacy-focused blockchain, said Bessent was “pretty coy about things, but the fact that he was even there was very interesting.”
Aleo, which has raised over $200 million from investors including SoftBank and Andreessen Horowitz, chose to establish in the U.S. while many rivals opted to launch from offshore jurisdictions like the Cayman Islands as a shield from various regulations.
“We didn’t set up shop in the U.S. on a whim,” Harada said. In talking to a mix of legal and compliance experts, the company realized that “America is the best fertilizer for tech — period,” he said.
Aleo, which combines privacy-focused functionality with smart contract capabilities, has become a go-to resource for other startups looking to return to the U.S., Harada added. The company picked Wyoming, a state known for its crypto-friendly policies.
“Wyoming stood out as the most welcoming state for crypto,” Harada said. “They’ve created forward-thinking policies and are even establishing blockchain research centers at the University of Wyoming.”
It was the side conversations in the MAGA Inc. VIP Reception greenroom where the most significant exchanges of the evening unfolded.
MacKenzie Sigalos
Also in attendance on Friday was MicroStrategy founder Michael Saylor, wearing his trademark orange bow tie, a nod to bitcoin’s iconic color. Ripple CEO Brad Garlinghouse and top execs at Coinbase, including global policy head Faryar Shirzad, mingled with guests.
The Winklevoss twins chatted in a group that included Chris Dixon of Andreessen Horowitz and his colleague, Sriram Krishnan, who recently left his role as a general partner at the firm to join Sacks’ task force. Bo Hines, Trump’s choice to lead the Presidential Council of Advisers for Digital Assets, was also present. He’ll report directly to Sacks.
While Snoop Dogg performed in the main ballroom, venture capitalist Katie Haun was engrossed in conversation with Galaxy Digital’s Mike Novogratz. Other musical guests Rick Ross and Soulja Boy, who was charged by the SEC in 2023 for illegally promoting a crypto token without disclosing he was paid, kept the larger crowd entertained.
Guests were issued wristbands based on status. Black wristbands signified general admission and gold allowed entry to a VIP balcony. White bands granted the most exclusive perks. General admission cost $2,500, and some sponsors paid $1 million for access to the greenroom on the ground floor tucked behind the stage in the main ballroom.
Tightly guarded by security, Donald Trump Jr. donned custom MAGA buttons on his shirt as he swiftly made his way into the innermost chamber of the VIP section, a room barricaded by a rotating bouncer and only allowing in certain guests. Along with Sacks, and Speaker Johnson, he could be seen conversing with Fred Thiel, CEO of mining company MARA Holdings.
Thiel shared details of a blockchain initiative his company had launched earlier that day with Johnson, an effort designed to symbolize the intersection of crypto and politics.
“We minted a block on the blockchain with a portrait of President Trump, created entirely from transactions,” Thiel said.
Speaker of the House, Mike Johnson, with Mara CEO Fred Thiel. Johnson seen texting President Donald Trump a photo of the Trump47 bitcoin block minted by Mara earlier that day.
Fred Thiel
The so-called Trump47 block embedded Trump’s headshot into the Bitcoin blockchain, creating a lasting digital tribute to the president.
“We released it Friday morning, and it went viral,” Thiel said. He added that Johnson “was so impressed” that he texted Trump a picture of it.
Tracy Hoyos-López, a former California prosecutor and one of the people credited with turning Trump pro-bitcoin, was also at the event.
“Don’t mess with crypto,” Hoyos-López, who helped to plan the evening’s celebration, told CNBC while Snoop Dogg was performing his live set. “Our event is a symbol of who we are in the world.”
WATCH: Bitcoin surges past $100,000
Donald Trump signed two executive orders today that walked back parts of tariffs he previously imposed on US automakers ahead of a rally in Michigan to mark his first 100 days in office.
The Wall Street Journal first reported today in an exclusive that Trump was “expected to soften the impact of his automotive tariffs, preventing duties on foreign-made cars from stacking on top of other tariffs and easing some levies on car parts.”
Trump signed an executive order making sure the 25% tariffs on vehicles and certain auto parts won’t stack on top of existing aluminum, steel, or Canada and Mexico tariffs. He also gave automakers a credit to help blunt the impact of the 25% duties on imported parts that go into US-built cars.
Trump’s backpedal comes after weeks of meeting with automaker executives, and a week after a coalition that included GM, Toyota, Volkswagen, and Hyundai sent a letter urging him to drop tariffs on foreign auto parts due to land in May.
American Automotive Policy Council (AAPC) president Matt Blunt today said in response to the executive orders, “American Automakers Ford, GM, and Stellantis appreciate the administration’s clarification that tariffs will not be layered on top of the existing Section 232 tariffs on autos and auto parts. Applying multiple tariffs to the same product or part was a significant concern for American automakers, and we are glad to see this addressed. We will review the details of the executive order closely to assess how effectively it will mitigate the impact of tariffs on American automakers, our domestic supply chains and ultimately American consumers.” The AAPC represents Ford, GM, and Stellantis.
Electrek’s Take
The 25% auto tariffs implemented under Section 232 of the Trade Expansion Act aren’t going anywhere, and most economists say that tariffs will raise car prices and slow auto sales. This White House Fact Sheet is titled, “President Donald J. Trump Incentivizes Domestic Automobile Production.” Where’s the incentive? US automakers are just getting hit with the stick once instead of twice, and they’re thanking Trump for it.
The carrot that worked as an incentive was Biden’s Inflation Reduction Act, along with the stability that came with it. All this whiplash is terrible for the US and global economy.
Read more: Killing IRA EV tax credits will ruin US EV and battery industries – Princeton study
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New data suggests that the Tesla Powerwall 3 is significantly disrupting the US solar inverter market.
The home battery pack’s integrated inverter is changing the game.
Tesla acquired its solar business when it bought SolarCity in a controversial deal due to Musk being a large shareholder of both Tesla and SolarCity, and Musk’s cousin led the latter.
The automaker kept the SolarCity operations going for a few years. In fact, it continued until after Tesla shareholders sued Musk over the acquisition, and Musk defended himself by claiming that SolarCity had become an integral part of Tesla.
Shortly after he won the lawsuit, Tesla virtually stopped all operations that came from its SolarCity acquisition, which primarily consisted of residential solar financing and installations.
Tesla even stopped reporting solar deployment. The company’s energy business now consists almost entirely of Powerwall and Megapack deployments.
However, the launch of the Powerwall 3 has indirectly brought Tesla back into the solar business, as the home battery pack features an inverter that works for both solar and storage applications.
EnergySage is a company that matches solar installers with potential buyers, and as a result, it has a wealth of interesting data about the solar industry in the US. Today, it released its Spring 2025 Marketplace report.
In the report, EnergySage revealed that Tesla became the second-most quoted inverter brand in the second half of last year:
Tesla became the most quoted battery brand in H2 2024, occupying 63% of Marketplace share nationwide. Because the Powerwall 3 includes an integrated inverter, Tesla also became the second-most quoted inverter brand. With batteries increasingly being added to solar systems—the national battery attachment rate jumped to 45% in H2 2024, an all-time high—Tesla’s growth was a key driver of the low storage and solar prices seen on EnergySage. In 2025, we are examining whether brand backlash and equipment shortages will affect Tesla’s Marketplace share.
This is also a byproduct of the increased popularity of energy storage systems when deploying new solar systems.
In big solar markets like California and Texas, the majority of residential solar quotes are attached to batteries, and Tesla is not the top quoted brand, thanks to Powerwall 3:
Powerwall was already the preferred home battery pack for many homeowners, and the fact that it now includes a solar inverter has made it even more attractive, as most home energy storage systems in the US are being deployed along with rooftop solar.
The Powerwall 3’s solar inverter integration is pushing solar plus storage costs down quite a bit.
The popularity of the Powerwall 3 has particularly hurt Enphase, a leader in solar inverter. It had 73% of the US market in 2022, and now it is down to 53%.
Despite Tesla driving prices down, Powerwall 3 is not the cheapest battery pack available. Panasonic and EG4 batteries were both priced lower on a per kWh basis than Tesla’s in the second half of 2024, but Tesla won on cost when also replacing the solar inverter.
However, it’s not all good news from Tesla. EnergySage also recently reported an increase in customers requesting alternatives to Powerwalls in 2025, partly due to Elon Musk’s increasing controversy.
If you’re interested in installing solar panels and/or batteries for your home, we recommend using EnergySage. You will be able to get quotes without any hassle and only talk to someone when you are ready to move forward. Within minutes, you can get on the path to producing your own power with solar and battery storage, including with Powerwall.
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Here’s something most people don’t know: In the US, switching to solar and battery-based energy can actually save you money on taxes. And it’s not a future promise – it’s happening right now. Under the US Residential Clean Energy Credit, BLUETTI’s eligible solar systems and home batteries qualify for a 30% federal tax credit through 2032. That means with the right model, like the AC500 Home Battery Backup, you’re not only saving on electricity, you could also get a portion of your purchase back during tax season.
Meanwhile, gas generators are quietly costing more
There’s a reason so many people have relied on gas generators: they’re familiar, accessible, and have served us well for years. But as fuel prices continue to rise and usage becomes more frequent, the hidden costs of gas generators are quietly piling up:
- Ongoing fuel expenses, especially during summer or storm seasons
- Routine maintenance and part replacements
- Stricter regulations in certain areas limiting usage times
- Noise complaints and environmental concerns
It’s not about shaming these tools—it’s about recognizing when the cost-to-benefit ratio starts to shift.
Not ready to give up your generator? Start small with the BLUETTI AC60
The move to clean energy doesn’t have to be all or nothing. Sometimes, the right first step is simply trying a lightweight alternative, like the AC60 Portable Power Station (Pioneer 50).
- Compact and powerful: 600W output (1000W surge) covers most outdoor needs
- Historically affordable: Only $269 after subsidy
- Fast charging: 80% charge within an hour
- IP65-rated for water and dust resistance – ideal for outdoor life
- Backed by a 6-year warranty, cutting down on waste and replacement costs
- Expandable to 2,015Wh capacity for powering phones, laptops, and more
Whether you’re into camping, road trips, or just want something for light backup at home, portable power stations like AC60 are an easy way to test the waters – no big commitment needed.
Need something stronger? Apex 300 is built to last
For those looking to level up their home battery backup or long-term savings, the Apex 300 offers a durable, future-forward alternative. With second-gen EV-grade batteries rated for 6,000+ cycles, this power station can last up to 17 years – nearly twice as long as typical models.
More reasons why Apex 300 stands out:
- Ultra-efficient 20W AC idle drain extends fridge runtime by up to 24 hours and boosts CPAP usage by 2.5x compared to typical units
- Built-in 120V/240V dual output with 12,000W bypass that powers 99% of home appliances, even a Tesla EV
- 2-year savings sprint when paired with one Solar X 4K Charge Controller for a massive 6400W solar input
- Whisper-quiet at 40dB, no fumes, no fuel
- Time-of-use savings made easy: Easily schedule and monitor energy usage with a user-friendly app and a clear, intuitive LED screen
- Expandable ecosystem: Add extra B300K batteries or a smart 700W Hub D1 to grow your setup as your needs evolve, from whole-home backup to off-grid RV power
This isn’t about replacing your gas generator overnight. It’s about introducing a better Plan B that’s cleaner, quieter, and built for the long haul.
Thinking about a cleaner future? BLUETTI is offering a little help
In honor of Earth Day, BLUETTI has launched a new Clean Energy Incentive Program. Gas generator owners around the world can submit basic info about their devices and select a clean power product to receive an exclusive subsidy.
The compact AC60 and other select models are already available at subsidized prices through BLUETTI’s Clean Energy Incentive Program – a practical step designed to support a smoother, more affordable transition to greener living.
Meanwhile, early access to the all-new Apex 300 Portable Power Station is now open through May 19, ahead of its official launch on May 20 on Indiegogo.
Going green isn’t about rushing
It’s about small, thoughtful choices that build toward something better – for your home, your wallet, and the planet. BLUETTI believes real change happens step by step, just like the LAFF (Light An African Family) Initiative. By walking the same path as those in need, the team can better understand and manage which solutions will most effectively help families who need affordable, sustainable energy.
So even if your gas generator still works just fine, it might be worth looking at a smarter backup. The future doesn’t have to be all-or-nothing. It can start with one quiet step with BLUETTI’s solutions, and this simple step could lead to a brighter, more sustainable future for everyone.
About BLUETTI
BLUETTI is a dedicated advocate for sustainability, integrating ESG principles throughout product design and corporate initiatives. Through impactful projects like LAAF (Light An African Family), BLUETTI provides affordable, sustainable energy solutions to communities across Africa. By partnering with Leave No Trace, a 501(c)(3) nonprofit, BLUETTI supports responsible outdoor recreation through clean energy solutions that minimize environmental footprints. This blend of craftsmanship, reliability, and a focus on real-world needs is what makes BLUETTI trusted in over 110 countries and regions.
Follow BLUETTI on Twitter/X here and on Facebook here.
All photos: BLUETTI
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