Amidst his third attempt at reviving his NFT trading card business, former president, Donald Trump, appears to be making a significant shift in his crypto portfolio.
Recent analysis by blockchain intelligence firm Arkham indicates that Trump has been offloading a portion of his substantial crypto assets.
The analysis reveals that Trump initiated ETH transfers, accumulated as NFT royalties, to Coinbase earlier this month. Over the last three weeks, he’s sold off 1,075 ETH, amounting to a total of $2.4 million.
As per Arkham’s findings, Trump still retains $2.2 million in various cryptocurrencies. This includes $1.4 million in ETH, $649,000 in WETH, $167,000 in MAGA coin, $340 in Pepecoin, and $145 in JESUS, among other holdings.
The former president’s journey into the NFT realm initially showed promise. However, the enthusiasm decreased by the time of his third NFT collection—labeled the “Mugshot Edition“—featuring pieces of the suit he wore during a recent arrest in Georgia.
With less than half of the collection minted and floor prices of previous collections dropping post-announcement, signs of Trump NFT fatigue became evident.
Trump has yet to publicly address the motive behind his recent crypto divestment. However, he acknowledged owing over $100 million in legal fees during a recent campaign rally, reflecting his entanglement in multiple ongoing criminal prosecutions.
It is worth noting that Trump’s foray into the crypto world emerged primarily through his involvement in the digital asset space post his presidency. Initially skeptical, Trump transitioned to a supporter of cryptocurrencies, attracted by their potential financial gains and intrigued by the market’s innovation.
His venture into crypto notably began with NFTs, launching collections that garnered attention but faced fluctuating success.
Over time, he diversified his holdings, accumulating significant amounts of Ethereum (ETH) from royalties generated by his NFT sales.