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Donald Trump is once again sitting at the center of a market story tied to family money, crypto profits, federal deals, and assets that can rip higher when government power touches them.
This is not new territory. The latest case involves Donald Trump Jr., Eric Trump, a shell company, a planned Nasdaq listing, and a $1.6 billion tungsten project in Kazakhstan that was awarded under the Trump administration.
It lands while Trump’s reported net worth has climbed to $6.5 billion, more than 280% higher since he took office, with crypto gains now making up almost 33% of that fortune.
The new report says a company backed by Trump’s sons put money into Skyline Builders, a U.S. construction group that later joined forces with Cove Kaz Capital Group. Cove Kaz is tied to Cove Capital, the New York mining investment firm behind the Kazakhstan tungsten project.
Skyline and Cove Kaz are now creating Kaz Resources, which is expected to trade on Nasdaq under KAZR. That alone gives this story the kind of market angle crypto people know too well: private positioning first, public listing later, and political heat all over the trade.
Trump sons backed Skyline before it joined Cove’s $1.6 billion Kazakhstan mining deal
Donald Jr. and Eric reportedly used a shell company to buy into Skyline Builders before Skyline combined with Cove Kaz. Filings dated October 31 show Skyline agreed to spend $20 million for a 20% stake in Kaz Resources, a Cove Capital subsidiary. Cove Capital also controls Cove Kaz, the group connected to the tungsten work.
The new Kaz Resources business will run two deposits in Central Kazakhstan: Northern Katpar and Upper Kairakty. Both sit less than 20 miles apart in the Karaganda mining district, a region now pulled into the same conversation as U.S. critical minerals policy, family investment links, and possible public-market upside.
The tungsten project was first presented at the November C5+1 Leaders’ Summit in Washington, D.C. Trump and Kazakhstan President Kassym-Jomart Tokayev announced the joint venture there. Since 2023, the Commerce Department and State Department have supported the company’s critical minerals work in Kazakhstan through commercial diplomacy.
A spokesperson for Donald Jr. allegedly said, “Don is a passive investor in American Ventures and has no operational involvement in the company.” The spokesperson also said, “He does not interface with the federal government on behalf of any company he invests in or advises.”
Trump family crypto profits sit beside federal mineral contracts and Middle East arms approvals
The bigger picture is why this story is getting attention. The Trump family reportedly made more than $1 billion in pre-tax profit last year from several crypto projects.
At the same time, family-linked money has gone into AI, drones, and critical minerals companies that later received major U.S. government contracts. Democrats have repeatedly raised conflict-of-interest concerns around those investments.
Tungsten prices have climbed since early 2025, based on chart data shown in dollars per metric tonne. The metal is not some random rock from a dusty investor deck. It is used in drilling tools, armor-piercing bullets, and kinetic energy missiles.
The administration also reached a $600 million deal last year with rare earths manufacturer Vulcan Elements only months after Donald Jr.’s venture capital firm, 1789 Capital, invested in that company.
Another related name is Althaus, who founded USA Rare Earths, a loss-making mining company that secured more than $1.5 billion in conditional U.S. government support last year. Althaus left that company in 2023, but he still owns shares.
The stated goal from the Trump administration is to build fresh U.S.-aligned supply chains for critical minerals, including rare earths, so America depends less on China. That policy goal now sits beside a family investment trail that keeps landing near companies with government-linked upside.
The same administration has also skipped congressional review to approve more than $8.6 billion in military sales to Israel, Qatar, Kuwait, and the United Arab Emirates.
The State Department announced the approvals on Friday, as the U.S. and Israel’s war against Iran reached its ninth week and a fragile ceasefire passed three weeks.
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