A prominent United Arab Emirates official, known as the 'spy sheikh', is reportedly behind the largest ownership share in the holding company for the Trump family's anticipated cryptocurrency bank. This development further strengthens his financial connections to President Donald Trump's business empire, as reported by The Wall Street Journal.

Sheikh Tahnoon bin Zayed al Nahyan, who serves as the UAE's national security advisor and is the brother of the country's president, along with his co-investors, has a 49% stake in StringZ Holding RSC. This entity, in turn, owns a significant portion of WLTC Holdings, the bank's parent company. The Trump family's affiliated entity holds an additional 38% ownership in WLTC Holdings.

This is not the first significant investment from Tahnoon and his associates in Trump-backed ventures. In January 2025, the same month President Trump began his second term, they previously invested $500 million in World Liberty Financial, a cryptocurrency company, acquiring a 49% stake. According to Trump's 2025 annual financial disclosure, this transaction resulted in $263 million being directed to Trump family entities.

This investment is among several foreign financial dealings that have benefited Trump's businesses since his return to the presidency. CNBC has previously reported that Trump's businesses earned at least $59.5 million in foreign licensing revenue during the first year of his second term.

World Liberty received preliminary conditional approval from the Office of the Comptroller of the Currency this month to establish a federally chartered national trust bank. The bank plans to issue, redeem, and safeguard USD1, World Liberty's stablecoin backed by the US dollar. However, it must meet further conditions before commencing operations.

The arrangement has attracted attention due to Tahnoon's position as a foreign government official and the Trump administration's previous negotiations with the UAE regarding access to advanced U.S. artificial-intelligence chips. The administration had approved chip sales to G42, a state-backed AI company under Tahnoon's control, and recently eased restrictions on the quantity of chips it could purchase.

A spokesperson for World Liberty, David Wachsman, stated that the firm is a "private American financial technology company, not a political organization" and that its trust company operates with independent governance. He emphasized that no World Liberty employees work for the U.S. government and asserted the absence of conflicts of interest, adding that the company does not seek or receive preferential treatment. He did not comment on the reported ownership structure.

The White House has not yet responded to requests for comment. Previously, the White House has stated that Trump "only acts in the best interest of the American public" and has denied any conflicts of interest.

The powerful United Arab Emirates official, widely referred to as the 'spy sheikh', is reportedly the driving force behind the largest stake in the holding company for the Trump family's planned cryptocurrency bank. This development further solidifies his financial ties to President Donald Trump's business empire, according to a Thursday report by The Wall Street Journal.

Sheikh Tahnoon bin Zayed al Nahyan, the UAE's national security advisor and brother to its president, along with his co-investors, are behind StringZ Holding RSC. This entity holds a 49% stake in WLTC Holdings, the bank's parent company. An entity associated with the Trump family owns an additional 38% stake.

Previously, in January 2025, the month President Trump commenced his second term, Tahnoon and other investors injected $500 million into World Liberty Financial, a Trump-backed cryptocurrency company, securing a 49% stake. Trump's 2025 annual financial disclosure revealed that this deal channeled $263 million to Trump family entities.

This investment is one of several foreign deals that have benefited Trump's businesses since his return to office. CNBC had previously reported that Trump's businesses generated at least $59.5 million in foreign licensing revenue during the first year of his second term.

This month, the Office of the Comptroller of the Currency granted World Liberty preliminary conditional approval to establish a federally chartered national trust bank. This bank is slated to issue, redeem, and safeguard USD1, World Liberty's dollar-backed stablecoin, but must fulfill further conditions before launching operations.

The arrangement has attracted scrutiny because Tahnoon is a foreign government official, and the Trump administration has engaged in negotiations with the UAE concerning access to advanced U.S. artificial-intelligence chips. The administration had approved chip sales to G42, a state-backed AI company controlled by Tahnoon, and last month eased the limits on the quantity of chips it could purchase.

A spokesperson for World Liberty, David Wachsman, described the firm as "a private American financial technology company, not a political organization" and stated that its trust company has independent governance. He added, "No one at World Liberty works for the U.S. government and there are no conflicts of interest," asserting that the company neither seeks nor receives special treatment. He did not comment on the reported ownership structure.

The White House has not yet responded to CNBC's request for comment but has previously stated that Trump "only acts in the best interest of the American public" and has denied that he has conflicts of interest.