Yahoo Finance Donald Trump Sold $2.4 Million Ethereum: Smart Move Or Big Mistake?
Former President Donald Trump has sold more than 1,000 Ether (ETH) in the past several weeks, according to blockchain analytics company Arkham Intelligence, which has been tracking his ETH holdings for the past several months. It obtained the data through Trump's financial filings and disclosures.
Most of the ETH comes from royalties for non-fungible token (NFT) projects that Trump created. In December 2022, Trump released a set of 45,000 NFTs, each priced at $99. The project has amassed trading volumes of over $35 million or 15,000 ETH.
The NFTs are largely trading above their original price of $99. As of Jan. 19, the cheapest NFT is listed for over $600 and the highest sale was for 37 ETH.
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In early 2024, Trump announced another trading card NFT project that has some unique rewards for owners. Some of the potential perks could be dinner with the former president, or even a small piece of fabric from the suit he wore in his Georgia mugshot.
However, Trump and his companies are not directly associated with these NFT projects. NFT International created and distributed the NFTs and uses Trump's "name, likeness and image under paid license from CIC Digital LLC, which license may be terminated or revoked according to its terms."
Trump sold 1,075 ETH for over $2.4 million through Coinbase.. At its peak, it was worth more than $4 million.
The sale comes after a strong month for Ethereum. The price was up more than 17% in the month leading up to the sale, 30% in the six months before and 60% over the past year.
Even though Trump said during his presidency that he was "not a fan" of Bitcoin and that crypto is a "disaster waiting to happen," it is hard to pass on several million dollars. Though Trump is largely unaffiliated with the project, he is still earning royalties. While his stance on crypto is still up in the air, the recent sale is an interesting development in Trump's relationship with crypto.
As the presidential race heats up, it will be important to watch for news relating to presidential candidates' stances on crypto, as this could have large implications for prices, future adoption and use cases going forward.
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