WASHINGTON — President Donald Trump made more than 21,000 securities trades in his first year back in office, often in intense bursts tied to market events he created.

The total dollar value of the trades was somewhere between $600 million and $1.86 billion, according to his financial disclosure for 2025, which lists values in broad ranges. Many of the transactions involve large companies that have business with the federal government.

Trump averaged 85 trades per market day, an analysis of the report shows. Just 10 days accounted for about a quarter of all trades executed in 2025. Many of those came during heightened volatility on Wall Street after Trump had already announced policy changes.

There was also dissonance across Trump’s eight separate trading accounts: In more than 200 cases, he bought a stock in one account the same day he was selling it in another.

The chaotic rhythm and large volume of trading add to an emerging picture of Trump’s finances, which critics and watchdog groups have scrutinized for hints that he may be improperly profiting from the presidency. In the same report, he disclosed earning at least $1.4 billion from crypto and memecoin-related businesses in 2025.

Deflected questions

The president on Wednesday downplayed the amount of money he made, saying he was already wealthy when elected, and he deflected questions from reporters about whether he was inappropriately profiting off the presidency.

“Purposely, I never speak to any of the people that run the money, but they’re at big institutions, and they invest in whatever they invest,” Trump said at Joint Base Andrews before departing for North Dakota. “You know why I’m profiting? Because the stock market’s going up.”

The Trump Organization says that the president’s holdings are independently managed by third-party financial institutions that have control over all investment decisions, with trades executed through automated, model-based portfolios and direct indexing strategies. Trump, his family members and his company play no role in making transactions, and receive no advance notice of the trades, according to a company spokesperson.

The White House also said that Trump’s investments are independently managed. “There are no conflicts of interest,” said spokesperson Anna Kelly.

Eric Trump, the president’s son and executive vice president of the Trump Organization, has said the assets were in a “blind trust.”

“To suggest that individual stocks are being bought or sold, at the discretion of any member of the Trump family, would be a lie and blatantly false,” he wrote in a post on X in May after Trump disclosed more than 3,700 trades in the first quarter of 2026.

At the time, some on Wall Street said they found that frequency of trading to be surprising.

About one-tenth of Trump’s disclosed non-cash investment assets last year were in excepted investment funds — things like mutual funds and exchange-traded funds that are broadly diversified and don’t require detailed asset-by-asset reporting.

But beyond those, it’s unclear which market indexes Trump is tracking. The president lists eight separate investment accounts on the disclosure and their underlying assets, but gives no indication of which institutions he’s using to manage them. There’s some overlap between assets held in accounts, with shares of Lockheed Martin Corp. appearing in six accounts, and shares of McDonald’s Corp., Microsoft Corp. and Pfizer Inc. in seven.

S&P mainstays

His top overall stock holdings — Apple Inc., Nvidia Corp., Broadcom Inc., Microsoft and Tesla Inc. — are mainstays of the S&P 500 index.

Though the volume of the transactions was large, the value of about half of them fell within the lowest range, between $1,001 and $15,000. There may have been even more trades: Officials don’t have to report trades of $1,000 or less.

Overall, Trump reported 15,524 purchases and 5,761 sales of assets.

Occasionally, there was volatility within one of Trump’s accounts. On four days, an individual security was both bought and sold on the same day and in the same account.

For example, as Blue Owl Capital Corp. declined 3.1% on Sept. 15, one Trump account — identified only as Investment Account No. 4 — bought more than $1 million in shares in the entity’s stock, according to the disclosures. That day, the same account sold six lots of the same stock. The disclosures don’t indicate the exact value or time of day of the trades.

Some of Trump’s busiest trading days came after announcements of policy shifts, especially around trade. His asset managers executed 616 trades on Feb. 3, one day before tariffs on Canada, Mexico and China were scheduled to go into effect. There were 640 more trades a month later, after Trump lifted a pause on those tariffs. And a month after that, there were 446 trades on April 4 amid a selloff prompted by his “Liberation Day” tariff announcements.

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With assistance from Vivien Ngo, Mathieu Benhamou and Adrienne Tong.

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