In a surprising turn of events, former U.S. President Donald Trump has reportedly sold over $2.4 million worth of ether (ETH) on the crypto exchange Coinbase. The transaction was tracked by on-chain firm Arkham Intelligence, which reported the movement of funds from a wallet linked to Trump.
Looks like Donald Trump is selling his ETH.
3 weeks ago he started sending ETH to Coinbase after months of accumulating Trump NFT royalties. His peak balance was $4 million.
Based on the deposits, so far he's sold 1,075 ETH for $2.4 million. pic.twitter.com/JZzA3cS2je
— Arkham (@ArkhamIntel) December 27, 2023
Three weeks ago, Trump began transferring ETH to Coinbase, following months of accumulating royalties from his non-fungible token (NFT) collection. His peak balance reached an impressive $4 million. Based on the deposits, it appears he has sold 1,075 ETH, totaling $2.4 million.
The Ether in question originated as royalties from the official collection of Trump’s Non-Fungible Tokens (NFTs) on the OpenSea platform. The act of transferring these holdings to an exchange is often indicative of intent to sell for other tokens or U.S. dollars, but it’s not a mandatory step.
Arkham monitors the wallet on its platform and has reported that it contained various tokens valued at $2.2 million as of Thursday. The wallet was tied to Trump in August based on public financial disclosures, which matched the amounts of token holdings in a wallet holding the largest royalties from the Trump NFT sale.
Donald Trump’s Crypto Journey: From Skeptic to User
Despite being a crypto skeptic during his presidency, Trump appears to have been a crypto user in recent years, likely even profiting from the industry’s price fluctuations.
According to real-time data from Arkham, Trump’s current holdings include $1.39 million in ETH. In addition, he possesses $644,000 in MATIC and a variety of other cryptocurrency tokens, bringing the total value to $2.22 million. Notably, there were no transfers from the wallet to exchanges before December.
An April filing revealed Trump made between $500,000 and $1 million from sales of his NFT collection. The profits were generated through a licensing agreement between CIC Digital LLC and NFT INC LLC, rather than from individual NFT sales.
The company has released three series of NFTs so far. The most recent series sought to leverage Trump’s recent arrest by showcasing his mugshot photo. Purchases in large quantities came with a physical card containing fragments of Trump’s suit. This move marks a significant shift in Trump’s stance towards cryptocurrencies, indicating a growing acceptance of digital assets.
