US President Donald Trump hosted winners of his second annual meme coin contest at his Mar-a-Lago club in Palm Beach, Florida, on Saturday, offering top buyers of his $TRUMP cryptocurrency an audience with him even as the token’s value has plunged more than 95% from its peak last year.

The gala took place as scrutiny of the Trump family’s broader crypto ventures has intensified, with Democratic leaders calling for investigations.

The 297 largest $TRUMP token holders who registered for the contest attended a gathering that Trump has billed as the “most exclusive” crypto and business conference in the world, where he gave the keynote address. The top 29 also attended a “special VIP reception and champagne toast” with the president.

The day-long event is the latest example of Trump blending presidential stature with his family’s growing portfolio of speculative crypto ventures – a convergence government ethics experts say has little modern precedent, particularly since Trump’s personal crypto wealth has ballooned as he reshapes U.S. crypto policy.

Trump’s appearance at the gala was not open to the public. But he later told reporters that he felt an “obligation” to support the crypto industry.

“As a president, I have to be able to make sure that all of our industries do well,” Trump said before he boarded Air Force One on Saturday afternoon for his return to Washington, D.C. “Crypto is a big industry, it’s actually become somewhat mainstream.”

While many retail buyers who piled into the token around its launch have seen most of their paper gains disappear, the Trump family and affiliated entities have continued to profit from the broader crypto ecosystem.

A Reuters examination found that the family has taken in more than $1 billion from crypto asset sales, including at least $336 million tied to meme-coin sales in the first half of 2025 alone, with potentially billions more in unrealized gains.

“President Trump’s assets are in a trust managed by his children,” White House spokesperson Anna Kelly told Reuters, adding that the president only acts in the best interests of the American public. “There are no conflicts of interest.”

Last year’s meme-coin contest, at his golf club near Washington, D.C., raised similar concerns for ethics experts, as did a February conference at Mar-a-Lago hosted by the president’s sons, Eric and Don Jr., for World Liberty Financial, the Trump family’s most lucrative crypto venture, which drew top figures from Washington, D.C. and Wall Street.

Contest rankings were based not only on holdings of $TRUMP but also on purchases of Trump-branded merchandise – including sneakers, watches and fragrances – between March 12 and April 14