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Donald Trump Sells Over 1,000 ETH from NFT Royalties, Netting $2.4 Million Amidst Crypto Market Surge

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Donald Trump Sells Over 1,000 ETH from NFT Royalties, Netting $2.4 Million Amidst Crypto Market Surge

(CTN News) – Former President Donald Trump has sold over 1,000 Ether (ETH) in the last few weeks, according to Arkham Intelligence, a blockchain analytics firm that has been watching his ETH holdings for several months. It gathered the information from Donald Trump’s financial filings and disclosures.

Most ETH comes from royalties for Trump’s non-fungible token (NFT) ventures. In December 2022, Trump issued a set of 45,000 NFTs priced at $99. The initiative has generated trading volumes of more than $35 million, or 15,000 ETH.

The NFTs are mostly trading higher than their original price of $99. As of January 19, the cheapest NFT was advertised for more than $600, while the biggest selling was 37 ETH.

In early 2024, Trump unveiled another trading card NFT scheme with certain special benefits for owners. Some possible incentives include dining with the former president and even a small piece of cloth from the suit he wore in his Georgia mugshot.

However, Trump and his firms are not directly involved in NFT projects. NFT International manufactured and distributed the NFTs, using Trump’s “name, likeness, and image under paid licence from CIC Digital LLC, which licence may be terminated or revoked according to its terms.”

Donald Trump sold 1,075 ETH for more than $2.4 million via Coinbase. At its peak, it was valued at more than $4 million.

The sale follows a solid month for Ethereum. The price increased by more than 17% in the month leading up to the sale, 30% in the previous six months, and 60% during the previous year.

Even though Donald Trump declared throughout his administration that he was “not a fan” of Bitcoin and that crypto is a “disaster waiting to happen,” it is difficult to pass up several million dollars.

Despite his lack of involvement in the production, Donald Trump continues to get royalties. While Trump’s attitude toward cryptocurrency remains uncertain, the recent sale is a fascinating development in his connection with it.

Since the presidential race heats up, keep an eye out for news about presidential contenders’ positions on cryptocurrency since this might significantly impact future prices, usage, and use cases.

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