Former President Donald Trump Selling Ethereum Stash
Former President Donald Trump is reportedly selling off some of his Ethereum (ETH) holdings. The selloff is being facilitated through Coinbase Exchange, according to crypto intelligence service provider, Arkham Intelligence.
Selloff of Ethereum Holdings
The transfer of Ethereum to Coinbase for liquidation began about three weeks ago. This comes after months of accumulating Ethereum as royalties for the Non-Fungible Token Collections launched by the former President.
Sold ETH and Profit Margin
According to Arkham Intelligence, Donald Trump has sold 1,075 ETH worth approximately $2.4 million. The average price per Ethereum sold is around $2232.56. However, it is unclear what the profit margin is since the prices at the time of royalty payment are unknown.
Multiple Wallet Addresses and Deposits
The funds were deposited into Coinbase from different wallet addresses, indicating that the former President managed multiple accounts for his NFT Collections. The largest deposit to Coinbase was valued at 200 ETH, equivalent to around $446,511.63 based on earlier estimates.
Timing of Liquidation
The liquidation coincides with a 17% increase in Ethereum’s price over the past month, providing an opportune time for selling off the assets.
Latest NFT Collection by Donald Trump
Donald Trump has gained popularity in the digital currency ecosystem for his NFT collections. The latest collection, known as the “Mugshot Edition,” features a mugshot photograph of Trump taken during his arrest in August. Holders of the NFT will have the chance to attend a state dinner at Trump’s Mar-a-Lago resort and receive pieces of the suit he wore on the day of his arrest.
Hot Take: Donald Trump Sells Ethereum Holdings Amidst Rising Prices
Former President Donald Trump’s decision to sell off his Ethereum holdings comes at a time when the cryptocurrency has experienced significant price gains. By liquidating his assets now, Trump can capitalize on the rising prices and potentially secure a sizable profit. This move also aligns with Trump’s history of involvement in the digital currency space, particularly through his NFT collections. As Ethereum continues to gain momentum, it remains to be seen how this selloff will impact both Trump’s financial portfolio and the broader cryptocurrency market.
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