Trump crypto team buys $47m BTC

U.S. President Donald Trump’s crypto team has moved $47 million in treasury funds into Bitcoin, according to on-chain data. Specifically, the Trump family’s World Liberty Financial (WLFI) invested $47 million into Bitcoin ( BTC ). The team purchased Wrapped Bitcoin ( WBTC ), an ERC20 token backed 1:1 with the world’s flagship digital asset Bitcoin ( BTC ). This transaction occurred just hours before Trump took the oath of office on January 20, 2025, to become the 47th President of the United States. David Bailey, CEO of Bitcoin Magazine, shared via X that the U.S. President’s crypto team had begun rotating its treasury into BTC. He highlighted multiple purchases of WBTC, made in increments of $4.7 million, shortly before the inauguration ceremony. “So far they’ve aped $47m into Bitcoin over the last 3 hours. Poetic,” Bailey posted . In one such transaction, Etherscan data showed the team swapped 4,700,000 USDT for over 44 WBTC. The swap happened on the intent-based trading protocol Cow Protocol. The Trump family’s DeFi project, WLFI, has made several token purchases in recent days, including Ethereum, Chainlink and Aave. However, their launch of meme coins, including TRUMP and MELANIA, has drawn mixed reactions, with some critics labeling the move a cash grab. Read more: Trump Family’s dual coin launch draws fire for conflicts of interest and cash grabs Bitcoin spiked to a new all-time high above $109,000 as the market experienced volatility ahead of Trump’s inauguration. However, the benchmark cryptocurrency pulled back to near $103,000 after the ceremony, amid reports that the new administration did not list cryptocurrency as one of its immediate policy priorities. Despite the pullback, which some attribute to a “sell the news” scenario, several analysts remain bullish on BTC. Anticipation of a Strategic Bitcoin Reserve is a key factor supporting this optimism. You might also like: Chainlink price rises as Trump’s WLFI buys, potential Cardano partnership