Former President Trump Sells Off ETH Holdings Worth $2.4 Million
Former President Donald Trump has reportedly sold 1,075 ETH from his crypto portfolio in the past three weeks, amounting to an estimated $2.4 million. The ETH was transferred to Coinbase, according to blockchain data firm Arkham Intelligence. Trump had been accumulating Trump NFT royalties before initiating the sales. At its peak, his balance was $4 million. He still holds around $2.2 million worth of various cryptocurrencies, including $ETH, $WETH, $MAGA coin, $PEPE, and $JESUS. This move comes as Trump struggles to revive his NFT trading card business, experiencing minimal success.
Trump’s Latest NFT Collection: The “Mugshot Edition”
Despite the divestment, Trump continues to promote his NFT collections. His latest release, the “Mugshot Edition,” is themed around his ongoing legal issues. The collection offers buyers the chance to have dinner with Trump at his Mar-a-Lago estate, provided they purchase 47 or more Trump cards. They will also receive a piece of the suit he wore during his mugshot. Trump’s previous NFT collection, launched in December 2022, gained significant demand after his arrest in April this year and an interview with Tucker Carlson. It experienced a surge of 462% in sales.
Trump’s Changing Stance on Crypto
Although Trump has shown enthusiasm for cryptocurrencies recently, this contradicts his previous skepticism. In 2019, he publicly criticized Bitcoin, stating it is “not money” and its value is volatile and based on thin air. He also highlighted the potential for unregulated crypto assets to facilitate illegal activities. Despite his initial reservations, Trump revealed in August that he holds a significant amount of ETH, ranging from $250,000 to $500,000.
Hot Take: Former President Trump Sells ETH Holdings as NFT Business Struggles
Former President Donald Trump has sold a substantial amount of ETH from his crypto portfolio, totaling $2.4 million. This move comes as his NFT trading card business faces challenges, leading to a change in his holdings. Trump’s latest NFT collection, the “Mugshot Edition,” seeks to capitalize on his legal troubles. Although Trump had previously expressed skepticism about cryptocurrencies, he now holds a significant amount of ETH. This demonstrates the evolving nature of his stance on crypto.
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