More than 200 top investors in a cryptocurrency linked to US President Donald Trump have secured invitations to a private dinner with him later this month, a prize for their financial backing of a controversial coin that has triggered concerns over ethics, foreign influence, and potential self-dealing.

On Monday, organizers of the Trump-branded cryptocurrency, known as $TRUMP, announced that the top 220 holders would be contacted within 24 hours to receive invitations to a high-profile gala with the president, set for May 22 at the Trump National Golf Club in Virginia. “President Trump will see YOU,” read the official message on the coin’s website, encouraging invitees to monitor their inboxes, and even their spam folders, for confirmation.

The coin, which debuted in January, has surged to a market capitalization exceeding $2 billion, largely fueled by relentless promotion from Trump himself. According to Reuters, entities tied to the Trump family and a separate corporate partner control a majority of the token’s supply, raising alarms over transparency and financial motivation.

Critics from across the political spectrum, including Democratic lawmakers, ethics watchdogs, and the Securities and Exchange Commission, have questioned whether Trump is exploiting his presidential status for personal gain and whether this digital asset opens a back door for foreign interests to purchase access to US leadership.

A particularly exclusive component of the prize is a VIP reception with Trump, limited to the top 25 investors. Rules on the website permit coin holders to transfer their seat to a designated proxy, such as a family member or friend, if they cannot attend in person.

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While the leaderboard of buyers is visible, it only displays usernames and crypto wallet numbers, shielding real identities and fueling speculation over who is vying for direct access to the president and what motives they may harbor.

Foreign wallets raise concerns over Trump's crypto influence

An analysis by Bloomberg found that many leading wallets are associated with foreign cryptocurrency exchanges that officially bar US users, intensifying suspicions that international actors may be using the coin as a covert channel to curry favor with Trump.

Senator Richard Blumenthal of Connecticut has opened an ethics investigation into the project, warning that “$TRUMP allows, and even invites, anyone in the world, including foreign governments and unscrupulous individuals, to directly enrich the President,” through a pseudonymous blockchain system that could obscure financial kickbacks.

The coin is sponsored by Fight Fight Fight LLC, whose incorporation papers name longtime Trump ally Bill Zanker. Despite these ties and intensifying scrutiny, the White House has maintained that Trump’s cryptocurrency activities do not pose ethical conflicts. Spokesperson Karoline Leavitt told reporters last week that Trump is “abiding by all conflict of interest laws.”

Yet volatility in the coin’s price underscores the speculative and chaotic nature of the project. Initially soaring to $75 shortly after launch, $TRUMP later nosedived and was trading around $12 at the contest’s close. Data suggest that up to 750,000 participants have suffered financial losses, while the wealthiest investors spent millions to climb the leaderboard.

A message on the official site hails the event as “a high-security, high-status gathering with President Trump,” emphasizing that seats were “earned.” But for many observers, the contest feels less like a grassroots political movement and more like an elite auction for presidential access, one paid for in crypto.

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