Separately, shares of Trump’s other publicly traded eponymous entity, Trump Media & Technology Group, dropped more than 10% in the first day of trading following Trump’s inauguration.

President Donald Trump promised crypto investors he’d usher in an era of legitimacy for an industry that’s long been relegated to the financial wilderness — dismissed by some mainstream investors as an highly speculative bet at best or an elaborate Ponzi scheme at worst.

Just days ahead of his return to the White House, President Trump and his wife Melania launched a pair of meme coins that have skyrocketed in value and earned them billions of dollars, at least on paper.