Reports in May 2025 suggested that many of the largest buyers associated with the $TRUMP dinner promotion were likely foreign—but neither report verified the identities or nationalities of most wallet holders. Bloomberg’s analysis focused on leaderboard wallets and their links to offshore exchanges; a separate analysis cited in a congressional letter classified dinner invitees as likely foreign. Those are different measures, not a single confirmed count of foreign buyers.
What did the reports find?
Bloomberg analyzed the 220 wallets at the top of the $TRUMP dinner leaderboard using SolScan data available at 10 a.m. Eastern on May 5, 2025. It found that at least 56% had used offshore exchanges that said they did not accept U.S. residents. Bloomberg estimated that 76% of the token value held in those 220 wallets was likely associated with foreign holders. These are estimates tied to wallet activity and exchange use, not verified counts of foreign citizens. (Bloomberg report reproduced by BlockBeats)
Separately, a May 28, 2025 letter from Representative Jamie Raskin cited an analysis that classified 161 of 220 dinner invitees—73%—as likely foreign nationals. The letter also said that 23 of the 25 VIP invitees were likely foreign individuals or entities. The letter states: “Analysis reveals that 161 of the 220 top buyers, or 73% of the invitees, are likely foreign nationals.” (Raskin letter, May 28, 2025)
| Finding | Population and measure | What it indicates |
|---|---|---|
| At least 56% | Top 220 leaderboard wallets; Bloomberg analysis of SolScan data available May 5, 2025, 10 a.m. Eastern | Wallets had used offshore exchanges that said they did not accept U.S. residents. |
| 76% | Token value held in the same 220 wallets; Bloomberg estimate based on the May 5 snapshot | Value was estimated to be likely associated with foreign holders. |
| 161 of 220 (73%) | Dinner invitees; separate analysis cited in the May 28, 2025 Raskin letter | Invitees were classified as likely foreign nationals. |
| 23 of 25 | VIP invitees; separate analysis cited in the May 28, 2025 Raskin letter | Invitees were described as likely foreign individuals or entities. |
Are Trump’s top meme coin buyers foreign?
The reporting supports the qualified description “likely foreign,” not a definitive answer about each buyer’s nationality or residence. Wallets appeared under addresses and pseudonyms, and the cited sources do not establish the real-world identity of most holders. A wallet may also represent an organization or intermediary rather than one person. The congressional letter and Bloomberg’s account therefore describe inferences, not a publicly verified roster of foreign citizens.
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Why exchange use is only a clue
Bloomberg’s inference relied in part on whether a wallet had used exchanges whose policies said they did not accept U.S. residents. That can suggest a connection to users outside the United States, but it does not prove the wallet owner’s location. Bloomberg’s account notes that a U.S. resident could circumvent an exchange restriction, such as by masking an IP address. Exchange use is an imperfect proxy, and it cannot by itself establish nationality.
The leaderboard was tied to a dinner promotion. Users registered self-custody wallets, and rankings reflected the amount of tokens held and how long they were held. The promotion website’s compliance language, as quoted in Bloomberg’s account at the time, read: “We will also KYC and AML check your wallet for compliance purposes. You’ll be dining with the U.S. President!” That wording is not proof that checks were completed or effective. Bloomberg also reported that some large holders were not on the leaderboard, so the ranked wallets were not necessarily a complete picture of large-scale ownership.
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How current are these figures?
They are historical snapshots, not a current tally of $TRUMP ownership. Bloomberg’s wallet and token-value estimates used data available on May 5, 2025; the separate invitee estimates appeared in a letter dated May 28, 2025. Neither source establishes who holds the token now or whether the leaderboard has since changed. Bloomberg’s account and the letter should be read with those dates in mind.
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