Trump expands bond holdings with at least $82m in new purchases
US President Donald Trump has significantly increased his bond investments in recent months, acquiring at least $82 million in corporate and municipal debt between late August and early October, according to newly released ethics disclosures.
Documents published by the US Office of Government Ethics on Saturday reveal that Trump made more than 175 financial transactions from August 28 to October 2.
While the forms provide only value ranges rather than exact figures, the filings suggest the upper estimate of these bond purchases exceeds $337 million.
Heavy focus on public-sector debt
A large share of Trump’s newly reported assets consists of bonds issued by states, counties, municipalities, school districts and other public entities, indicating a strong tilt toward government-linked debt instruments.
Investments aligned with policy-favoured sectors
Trump also increased his holdings in corporate bonds across industries that have been buoyed by his administration’s policy agenda, including companies benefiting from financial deregulation and technology-sector support.
Newly acquired corporate debt includes bonds issued by major semiconductor producers Broadcom and Qualcomm; technology giant Meta Platforms; retailers such as Home Depot and CVS Health; and Wall Street firms Goldman Sachs and Morgan Stanley.
The filings also show purchases of JPMorgan bonds in late August, just weeks before Trump called on the Justice Department to investigate the bank over its historical links to Jeffrey Epstein. JPMorgan has previously acknowledged its “regret” over the relationship and denied assisting Epstein in criminal acts.
Trump additionally bought Intel bonds after the US government, acting under his direction, acquired a strategic stake in the chipmaker.
White House maintains no involvement in portfolio decisions
The White House did not comment on the new disclosures. Officials have repeatedly stated that Trump continues to submit all required financial filings and that the investment portfolio is managed by an independent institution, with neither the president nor his family involved in day-to-day decisions.
Trump, whose wealth largely stems from real estate, has said he transferred his businesses into a trust managed by his children upon taking office.
Previous disclosures flagged rapid accumulation of bonds
A filing submitted in August indicated that Trump had already purchased over $100 million in bonds since returning to the presidency in January 2025.
His annual financial disclosure, released in June, showed that despite the trust arrangement, income from his various businesses ultimately still accrues to him, a point that has renewed concerns over potential conflicts of interest.
That annual filing, which appeared to cover the 2024 calendar year, reported more than $600 million in income from cryptocurrencies, golf courses, licensing deals and other ventures. It also underscored how Trump’s push into digital assets has materially increased his wealth.
Overall, his June disclosure estimated Trump’s assets to be worth at least $1.6 billion, based on Reuters’ calculations at the time.
Reuters
