In a recent development, former US President Donald Trump is reportedly divesting his Ethereum (ETH) holdings, totaling $2.4 million, as revealed by the crypto intelligence platform Arkham.
Arkham, a platform known for its systematic analysis and deanonymization of blockchain transactions, disclosed the information on X (Twitter) on December 27.
The platform shared transaction details from a wallet believed to be linked to Trump, showing a series of ETH transfers to Coinbase over the past three weeks. This follows months of accumulation of Trump’s non-fungible token (NFT) royalties.
The transactions indicate that Trump has successfully sold 1,075 ETH, translating to $2.4 million.
The motive behind this sell-off remains undisclosed, leaving open possibilities such as converting ETH to USD or exploring staking programs to increase the assets’ value.
Arkham had initially identified digital assets associated with Trump in August, relying on financial disclosures filed by the former president earlier that month.
Donald Trump entered the NFT space in 2022, unveiling his first collection of NFT trading cards featuring various portrayals of himself. In April 2023, Trump released a second series of trading cards. Recently, he unveiled his latest collection, titled “Mugshot,” comprising 47 digital cards and a distinctive physical card adorned with a fragment of Trump’s historic suit.
According to reports from April 2023, Trump’s income from NFTs ranged between $100,000 and $1 million, as per his 2022 financial disclosure form published by the watchdog group CREW.