A 49% stake was sold for $500 million, implying a valuation of about $1.02 billion for the entire company.
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The figure comes from a lawsuit filed in federal court in the United States on Thursday. The plaintiff is Circle shareholder Joel Greenberg, who owns about 10,000 shares of Circle and filed a shareholder derivative suit on the company’s behalf. The defendants include Trump, World Liberty Financial, and Trump’s Middle East envoy, Steve Witkoff.

There’s an even bigger deal: an investment fund established by the UAE government bought $2 billion worth of the Trump family’s digital currency.

The two transactions point in the same direction, in line with the valuation implied: the money is all flowing into the same pocket.

As far as the market is concerned, the only figure to compare is $2 billion. It represents both a flow of funds and evidence cited in the lawsuit. The allegations have not yet been ruled on by a court, and for now there is only one account of whether the two transactions match up.