Looking at Donald Trump’s finances, it’s easy to miss one of his most important assets: bitcoin. The cryptocurrency appears nowhere on the financial disclosure the president files with the government. It is not listed among the holdings identified on the Trump Organization’s website. And it does not show up in other reports of his assets. But make no mistake, Trump holds a major position in the digital currency, amounting to an estimated $870 million, enough to make him one of the largest bitcoin investors on the planet.

The reason Trump’s investment is so hidden: He holds it indirectly, through his stake in the business that operates Truth Social, the Trump Media and Technology Group (which does appear on his balance sheet). Trump Media attracted a multibillion-dollar valuation trading on the Nasdaq despite generating less than $4 million of annual revenue, then pivoted to crypto earlier this year. In May, it raised $2.3 billion by taking on a pile of debt and selling its overvalued stock. Then, in July, it snatched $2 billion of bitcoin. The stock sales diluted Trump’s stake in the company from 52% to 41%. The price of bitcoin has increased about 6% since Trump Media’s big bet. That leaves the president with 41% of an estimated $2.1 billion stockpile, enough to make his personal share roughly $870 million.

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