Ether Transaction: Crypto Wallet Connected to Donald Trump Transfers $2.4M to Coinbase

In the past three weeks, an Ethereum wallet linked to Donald Trump has conducted transfers to Coinbase, suggesting a potential liquidation of assets. Arkham Intelligence, an on-chain analytics firm, disclosed that over $2.4 million worth of ether was moved from a wallet associated with the former U.S. President to the Coinbase cryptocurrency exchange. The transaction is believed to involve the sale of accumulated Trump NFT royalties, with the wallet's peak balance reaching $4 million. Recent deposits indicate that approximately 1,075 ETH were sold for $2.4 million.

The origin of these ether holdings lies in royalties generated from the official Trump non-fungible token (NFT) collection on the OpenSea marketplace. While transferring assets to an exchange often signifies a sale for alternative tokens or U.S. dollars, it is not an obligatory indication.

Arkham Intelligence closely monitors the wallet on its platform, revealing a current holding of $2.2 million worth of various tokens as of Thursday. The connection between the wallet and Trump was established in August, relying on public financial disclosures that matched the token holdings found in a wallet associated with the highest royalties from the Trump NFT sale.

Trump’s Financial Statement from August 14th 2023 quotes a cryptocurrency balance of $2,806,341.

This is almost identical to the present balance of the largest royalty fee wallet associated with the @CollectTrump NFT Project. pic.twitter.com/Iidr0BoDuo

— Arkham (@ArkhamIntel) August 16, 2023

Looks like Donald Trump is selling his ETH.

3 weeks ago he started sending ETH to Coinbase after months of accumulating Trump NFT royalties. His peak balance was $4 million.

Based on the deposits, so far he's sold 1,075 ETH for $2.4 million. pic.twitter.com/JZzA3cS2je

— Arkham (@ArkhamIntel) December 27, 2023

Despite expressing skepticism about cryptocurrency during his presidential term, Trump appears to have entered the crypto space in recent years, potentially leveraging the industry's price fluctuations. According to an April filing, Trump garnered earnings ranging from $500,000 to $1 million from the sales of his NFT collection. Notably, these profits were attributed to a licensing agreement between CIC Digital LLC and NFT INC LLC, rather than individual NFT sales.

Read More: OpenSea's Strategic Shift: Empowering Creators Through Royalty Tool Deactivation