NBC News obtained and reported on internal World Liberty Financial documents laying out exactly how the Trump family's crypto venture was structured before its public token sale — terms that hadn't previously been disclosed to prospective buyers.
The core finding: the Trump family's holding entity was entitled to 75% of the venture's net revenue from token sales, while bearing none of the operating liabilities — a structure that let the family capture the overwhelming majority of the upside with essentially none of the downside risk ordinary investors in the token would carry.
The reporting came months before World Liberty Financial's stablecoin and token deals with Gulf sovereign funds and major crypto exchanges made international headlines — meaning the lopsided structure was baked in from the start, not a later modification.
It's the founding document, in effect, for the entire crypto chapter of this tracker: every subsequent multi-billion-dollar deal routed through World Liberty's tokens inherits this same 75%-to-the-family arrangement.