New financial document shows that President Trump is an Ethereum whale New financial document shows that President Trump is an Ethereum whale
The former U.S. President declared he earned over $4 million from his NFT adventure.
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Updated: Aug. 16, 2023 at 10:39 am UTC
Gage Skidmore / CC BY-SA 2.0 / Wikimedia. Remixed by CryptoSlate
New financial documents show that former U.S. President Donald Trump is an Ethereum (ETH) whale holding $2.8 million worth of the digital asset in a cryptocurrency wallet.
The new documents were obtained by Citizens for Responsibility and Ethics in Washington (CREW) and supersedes a previous filing from April that showed that the former President held between $250,001 and $500,000 in an Ethereum wallet. The CREW’s documents were filed this month.
The document did not provide additional information on other contents in the wallets.
However, the holding indicates a clear departure from Trump’s former anti-crypto posture. In the past, the former President said Bitcoin (BTC) and other cryptocurrencies were “based on thin air” and their value was “highly volatile.” He added:
“Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”
President Trump earned $4.6M from NFTs
According to the records, President Trump’s involvement in the non-fungible token sphere yielded considerable earnings, amounting to $4.86 million.
This income stemmed from an NFT licensing agreement between his company, CIC Digital LLC, and NFT INT LLC. President Trump has been listed as his company’s manager, President, secretary, and treasurer since 2022.
Through this licensing, the NFT company used his “name, likeness, and image” to release two NFT collections that garnered broad attention from the crypto community. Last year, the first batch of the collection was launched to much hype and interest from his supporters. A “series 2” was launched in April.
Meanwhile, the NFT collections have always seen their value impacted by the media coverage surrounding Trump. Data from Coingecko shows that while the value of the first collection has doubled to $188 as of press time, the second collection’s value is trading far below its mint value of $99.
The NFT collections are not owned, managed, or controlled by Trump, his company, or their affiliates. The website further stated that the NFTs “are not political and have nothing to do with any political campaign.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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A businessman, politician, and media personality, Donald John Trump served as the 45th president of the United States from 2017 to 2021.