More than 200 top investors in President Donald Trump’s cryptocurrency meme coin will gather Thursday for a black-tie dinner with the president.

The gala at Trump’s private Virginia golf club follows a high-stakes contest where investors pumped millions into Trump’s meme coin, $TRUMP, to secure an invite.

Analysts say some of the $140 million raised has gone directly to Trump’s business interests.

Promoted as the “most EXCLUSIVE INVITATION in the world,” the event includes a VIP reception and dinner, with Trump expected to speak.

“It definitely seems like Trump is selling access to the president through his meme coin,” said crypto researcher Molly White. “[Trump] is really using cryptocurrency to boost his personal wealth in ways that he really had not previously done.”

$TRUMP launched in January, soared past $75, then crashed to $7 by April. After the May 22 gala was announced, its value spiked again as investors scrambled for top spots.

Among them is “Ice,” co-founder of Singapore-based MemeCore, who secured second place. “We want to sit next to Trump, if possible,” said executive Cherry Hsu. “I think it will be interesting.”

Many attendees remain anonymous or foreign-based. Accountable.US says at least 20 of the top 25 investors are outside the U.S., including Chinese mogul Justin Sun, a major $TRUMP backer and Trump family business associate.

Despite investor excitement, most holders have lost money. Chainalysis reports only 58 wallets made millions; around 764,000 have lost out.

Nansen estimates over 70% of investors have incurred $21 million in losses.

Trump, once a crypto skeptic, now calls himself the “Crypto President” and has reshaped U.S. crypto policy.

“All the SEC investigations regarding crypto closed. All the SEC litigation… dismissed or paused,” said ex-SEC attorney John Reed Stark.

White House spokesperson Anna Kelly denied wrongdoing: “President Trump only acts in the best interests of the American public.”

The gala comes as Congress debates the GENIUS Act, a major crypto regulation bill. Some lawmakers worry Trump’s crypto ties pose conflicts.

“That still gives some people pause,” said Sen. Cynthia Lummis. Sen. Elizabeth Warren was more blunt: “Corruption in plain sight.”

Vanguard News