Former US President Trump’s team is reportedly dumping Ethereum. According to the data analytics platform Arkham [ARKM], there has been a notable shift in the cryptocurrency portfolio of Trump’s group. The team, which had been accumulating royalties from the controversial Trump NFT collections over the past few months, is now divesting from Ethereum. Arkham reported that the team initiated the process of sending ETH to the Coinbase exchange three weeks ago, with a maximum balance of $4 million. To date, the Trump team has sold 1,075 ETH, raking in $2.4 million from the liquidation.
The move to liquidate Ethereum holdings has sparked various speculations, ranging from concerns about Trump’s financial health to users suggesting that depositing in a centralized exchange (CEX) doesn’t necessarily indicate an outright sale. Some posit that the funds might simply be in transit to a private wallet.
Adding to the intrigue, former President Donald Trump recently unveiled his third installment of the “Mugshot NFT Edition,” each digital collectible priced at $99. What sets this offering apart is the chance for owners of 47 Mugshot NFT cards to win a dinner with the ex-president at his Mar-a-Lago estate. Additionally, they would receive a fragment of the navy suit worn by Trump during his arrest in August—a historic moment marking the first time a former US president had a mugshot taken.
The origin of this NFT collection stems from Trump’s arrest on charges related to alleged interference in the 2020 presidential election in Georgia. The trading cards garnered a mixture of ridicule and amusement from both critics and fans, yet they were completely sold out in a mere 12 hours.
Trump’s Ethereum Stash
That being said, controversies surrounding Trump’s assets and finances persist, with a recent tax filing on April 14 indicating ownership of $250,000–$500,000 worth of Ether. Contrary to his past criticism of digital assets, it has now been revealed that Trump is a significant cryptocurrency holder, accumulating a substantial $2.8 million stash of Ether, largely derived from licensing fees tied to the use of his image in popular NFTs.
Ethereum’s value remains stable, showing a 7% increase in the last 24 hours. As per Rekt Capital, there is a likelihood of ETH expanding by an additional +22% if it successfully reestablishes $2274 as a support level.