On-chain company Arkham Intelligence stated in a post on Thursday that a wallet connected to former US President Donald Trump transferred over $2.4 million worth of ether (ETH) to cryptocurrency exchange Coinbase in the previous few weeks, where they presumably sold those holdings.
He began sending ETH to Coinbase three weeks ago after collecting Trump NFT royalties for months. At one point, Arkham had $4 million in his balance, he wrote on X. “So far, he has sold 1,075 ETH for $2.4 million based on the deposits.”
Royalties from the official Trump non-fungible token (NFT) collection on OpenSea marketplace were used to create these ether. While it’s not required, sending holdings to an exchange frequently entails selling them for cash or other tokens.
As of Thursday, the wallet held $2.2 million worth of different tokens, which Arkham tracks on its platform. Based on his public financial disclosures from August, it linked the wallet to Trump, noting that the wallet’s token holdings matched those of a wallet that held the highest royalties from the Trump NFT sale.
Even though Trump was sceptical of cryptocurrencies when he was president, it seems that he has used them recently and is probably even sitting on profits from the fluctuations in the market’s price.
Trump made anywhere from $500,000 to $1 million from the sales of his NFT collection, according to a filing from April. Instead of coming from the individual sales of the NFTs, these profits were obtained through a licencing arrangement that CIC Digital LLC has with NFT INC LLC.