Jonathan Raa | Nurphoto | Getty Images
Nick Pinto is a marketing director at his family’s law firm in New Jersey. He’s also a crypto trader who spent enough money on Donald Trump’s meme coin to win a spot at a private black-tie dinner with the president scheduled for Thursday night.
“I was kind of early in bitcoin and ethereum, so I’ve always been trading crypto,” said the 25-year-old Pinto, who claims he finished number 72 on the leaderboard for the token contest. “Once I saw the announcement that Trump was releasing a coin, I immediately started to purchase it.”
Pinto said in an interview that he spent half a million dollars on the $TRUMP meme token in order to attend the dinner, which is being held at President Trump’s private golf club in Potomac Falls, Virginia, near Washington, D.C. Pinto shared screenshots with CNBC that appear to back up his claim.
The $TRUMP coin, which has no attached asset or underlying value, was launched just ahead of the president’s inauguration in January and has drawn heavy scrutiny from Democratic lawmakers who say President Trump is profiting from his position of power.
The dinner was announced last month and promised to reward the top 220 token owners with “the most exclusive invitation in the world.” The top 25 finishers were also told they would get a private reception with the president, as well as a “special VIP tour.”
Democratic senators called the competition a blatant example of “‘pay to play’ corruption” — the coin jumped 50% after the dinner announcement. Earlier this week, the Senate advanced a Trump-backed crypto regulation bill called the GENIUS Act after getting enough Democratic support to clear a potential filibuster.
Guests for Thursday night’s dinner were required to complete a background check, according to a copy of the invitation viewed by CNBC. Attendees were instructed not to arrive before 5:30 p.m., with the dinner starting at 7 p.m. and expected to last three hours.
Pinto doesn’t know what his investment in $TRUMP will get him other than the dinner. He said he thinks the tokens will be usable in a digital Trump golf game that was announced in December and is expected to launch next month, according to a press release.
“There’s a few things that I want to ask him,” Pinto said. “I definitely want to find out if he’s going to want to use this coin in the game. That’s probably my top question, because not many people know about that game.”
The Trump coin team didn’t immediately respond to a request for comment.
Because crypto wallets are pseudonymous, most participants in the competition appeared only as three- to four-letter usernames linked to cryptographic wallet addresses. Many of the winners are tied to international exchanges, according to blockchain analytics firm Inca Digital, raising concern that non-Americans may be paying for the opportunity to try and influence the U.S. president.
While Pinto is going public about his participation, most of the identities tied to top wallets are unknown. Blockchain data shows that a majority of the top entrants used offshore exchanges barred to U.S. residents. An analysis by Bloomberg revealed that 19 of the top 25 wallets, and more than half of the top 220, are almost certainly owned by individuals operating outside the U.S.
The competition drew an estimated $148 million in purchases from supporters around the world, a massive fundraising haul for a digital asset launched just months ago. Among those attending is Justin Sun, the Chinese-born founder of the TRON blockchain, who confirmed this week that he is the contest’s top-ranked investor.
At current prices, Sun’s stake in $TRUMP is now worth more than $20 million. Sun was also one of the first major backers of World Liberty Financial, the Trump family’s crypto venture, buying at least $75 million of its native token “WLFI.”
In 2023, U.S. regulators accused Sun of illegally selling unregistered securities and artificially inflating token prices. A month into Trump’s second White House term, a federal court filing showed the SEC was in settlement talks with Sun to resolve the civil fraud charges.
Final leaderboard
MemeCore, a Singapore-based crypto network that was vocal in its quest to secure a spot at the Trump dinner, landed in second place with an investment of around $19.7 million, according to a post on X that the company later deleted. MemeCore didn’t immediately respond to a request for comment.
Some buyers didn’t make the cut.
Freight Technologies, a Houston-based logistics company, said it spent $2 million on $TRUMP tokens as part of what it called a strategic push to “champion fair and free trade” across the U.S.-Mexico border. The company still finished in 250th place. Freight trades on the Nasdaq as a penny stock and has a market cap of about $6.5 million.
The final leaderboard was calculated using a time-weighted formula that factored in both the size and duration of each participant’s holdings. That means early buyers who held onto their tokens consistently, like Pinto, could outrank bigger last-minute spenders.
Investors in $TRUMP, like with other meme coins, have to be prepared for big ups and downs.
Immediately after its launch in January, the Trump coin spiked to a $15 billion market cap before crashing within days. It’s currently worth about $2.1 billion.
That volatility has created stark winners and losers. Blockchain data shows that more than $5.2 billion in profits flowed to the top wallets, while over 590,000 wallets — mostly small retail traders — collectively lost nearly $4 billion.
Since January, more than $324 million in trading fees have been routed to wallets tied to the project’s creators, according to Chainalysis. The token’s code automatically directs a cut of each transaction to these addresses, allowing the team to profit from ongoing activity. The blockchain analytics firm stopped tracking the president’s meme token about two weeks ago, citing a need to refocus resources on paying clients.
The Trump family has reaped enormous financial benefit. Roughly 75% of proceeds from World Liberty Financial and more than 80% of profits from the meme coin have gone directly to the Trump Organization and affiliated entities. The project has also generated hundreds of millions of dollars in trading fees.
Senator Chris Murphy, D-Conn., has introduced legislation that would ban sitting presidents from profiting off meme coins while in office.
In a press conference hours before the dinner, Murphy warned that “just because the corruption is playing out in public where everybody can see, it doesn’t mean that it isn’t rampant, rapacious corruption.” He called tonight’s event “maybe the most corrupt, of all of the corruption.”
Sen. Elizabeth Warren, D-Mass., went further, describing the gathering as “an orgy of corruption” and accusing Trump of using the presidency “to make himself richer through crypto.” She called for changes to the GENIUS Act that would bar any president from profiting off stablecoin ventures.
With Republicans in control of both chambers of Congress, Democrats have limited ability to force action.
In response to CNBC’s questions about the dinner, Deputy White House Press Secretary Anna Kelly said, “The president is working to secure good deals for the American people, not for himself,” adding that he “only acts in the best interests of the American public.”
Pinto, who paid $500,000 for his invitation and still holds most of his tokens, said the risk is worth it.
“I didn’t put in more than I’m willing to lose,” he said. “I’m fine if it goes to zero.”
WATCH: Bitcoin surges to new record high above $111,000: CNBC Crypto World
