A crypto wallet linked with former President Donald Trump, a prominent Republican presidential candidate, reportedly contains assets valued at around $10 million. Blockchain data tracker Arkham Intelligence reports that the wallet holds sizeable amounts of MAGA tokens, MAGA VP tokens, and Ethereum (ETH).
BREAKING: Donald Trump now holds $10M in crypto
Advertisement
Donald Trump’s on-chain holdings surpassed $10 Million this morning, mainly fuelled by the rise in price of the $TRUMP coin – of which Trump currently holds $7.3M. pic.twitter.com/rkQi6SLvvG
— Arkham (@ArkhamIntel) May 27, 2024
Details of the Holdings
The wallet linked to Trump primarily contains $7.12 million worth of MAGA tokens, known by its ticker TRUMP. According to Arkham, the MAGA tokens were initially purchased with wrapped Ether on Uniswap. Additionally, it holds 463.441 ETH ($1.84 million) and 1 million tokens of MAGA VP, estimated to be worth $509,000.
Earlier on Monday, the wallet’s holdings surpassed $10 million, but due to fluctuations in token prices, it currently stands at $9.61 million. Arkham Intelligence noted that much of the wallet’s value is derived from appreciating assets, particularly MAGA tokens.
Trump’s involvement in cryptocurrency has garnered attention, with his holdings positioning him among the top celebrities in terms of crypto assets. His holdings exceed those of figures such as Justin Bieber, Kevin Hart, and Jimmy Fallon.
Trump’s Crypto Wallet
The link between the wallet and Trump was established based on information found in his financial statements filed in August 2023.
Donald Trump’s crypto holdings are now on Arkham.
We believe @realDonaldTrump owns the wallet 0x94845333028B1204Fbe14E1278Fd4Adde46B22ce
This is supported by information from his financial statement filed on August 14th. pic.twitter.com/SHZ3kxrnOe
— Arkham (@ArkhamIntel) August 16, 2023
At the time of the initial connection, Trump’s wallet held nearly $5 million in ETH. He earned about $4.9 million from the Trump Digital Trading Card NFT collection, solidifying his position as a “crypto whale.” The wallet sold off $2.4 million worth of ETH in December last year.
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
Donald Trump’s Friendly Support For Crypto
At the 2024 Libertarian National Convention on May 25, Donald Trump expressed strong support for the crypto industry. He criticized Joe Biden’s anti-crypto stance and vowed to guarantee that crypto flourishes under his leadership.
Trump also criticized Senator Elizabeth Warren and her regulatory efforts. He further stated that he would prevent Elizabeth Warren and her associates from interfering with individuals’ Bitcoin holdings and assured his audience that he would never allow the establishment of a central bank digital currency.
Trump’s endorsement comes as the Biden administration indicates a softened stance towards cryptocurrencies. Notably, this is evidenced by the recent approval of eight spot Ethereum Exchange-Traded Fund (ETF) applications by the United States Securities and Exchange Commission (SEC).
Even though only a few Americans use cryptocurrencies, the industry is set to have a big influence on the upcoming elections. Reports say crypto businesses plan to spend over $80 million on the 2024 elections.
Read More: Former Bitcoin Skeptic Donald Trump Vows To Support Crypto Companies
Silk Road Founder Optimistic for ‘Second Chance’ Following Trump’s Pardon Promise
On Monday, imprisoned Silk Road founder Ross Ulbricht expressed gratitude to Trump. He thanked Trump for his promise to commute his sentence “on day one” of a new Trump Administration if elected.
Ulbricht said:
“Last night, Donald Trump pledged to commute my sentence on day 1, if reelected. Thank you. Thank you. Thank you. After 11 years in prison, it is hard to express how I feel at this moment. It is thanks to your undying support that I may get a second chance.”
Trump made these remarks during a speech at the Libertarian Party’s national convention. During his speech at the convention, Trump faced boos and jeers from the crowd. However, his statement regarding Ulbricht’s potential release garnered widespread approval and cheers from the audience. Many attendees held up “Free Ross” signs and began chanting “Free Ross!”
Advertisement
