A cryptocurrency wallet linked to former President Donald Trump, a leading Republican presidential candidate, reportedly holds assets worth approximately $10 million.
According to blockchain data tracked by Arkham Intelligence, the wallet contains sizeable amounts of MAGA tokens, Ethereum (ETH), and MAGA VP tokens.
Details of the Holdings
BREAKING: Donald Trump now holds $10M in crypto
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
The wallet linked to Donald Trump primarily contains TRUMP tokens valued at $7.12 million, initially purchased using wrapped ether (WETH) on Uniswap. Additionally, it holds 463.441 ETH, worth around $1.84 million, and 1 million MAGA VP tokens, estimated to be worth $509,000.
Earlier today, the wallet’s total value exceeded $10 million, but due to fluctuations in token prices, it currently stands at $9.95 million.
Arkham Intelligence noted that much of the wallet’s value is derived from appreciating assets, especially MAGA tokens. MAGA is trading at $12.03, reflecting a 3.16% increase in the past 24 hours.
Trump’s involvement in cryptocurrency has been notable. His holdings place him among the top celebrities in terms of crypto assets, surpassing figures like Justin Bieber, Kevin Hart, and Jimmy Fallon.
The connection between the wallet and Trump was established through information in his financial statements filed in August 2023.
At the time of the initial connection, Trump’s wallet held nearly $5 million in ETH and had earned approximately $4.9 million from the Trump Digital Trading Card NFT collection. His crypto presence classified him as a “crypto whale.” In December 2023, the wallet sold off $2.4 million worth of ETH.
Donald Trump’s Friendly Support For Crypto
Donald Trump has recently expressed strong support for cryptocurrencies, emphasizing his openness to the industry during a speech at the Libertarian National Convention. He contrasted his stance with President Joe Biden’s, criticizing Biden’s perceived anti-crypto position and promising to ensure that crypto thrives under his leadership.
Trump’s endorsement comes when the Biden administration shows signs of a softened approach towards cryptocurrencies, notably with the recent approval of eight spot Ethereum ETF applications by the U.S. Securities and Exchange Commission (SEC).
The industry is expected to play a major role in the upcoming elections, even though only a small percentage of Americans use or hold cryptocurrencies. Reports indicate that crypto businesses are prepared to invest over $80 million in the 2024 elections.
According to Chris Giancarlo, a former CFTC commissioner, Trump has been dubbed “America’s first crypto president” because his administration approved future Bitcoin contracts during his first year in office in 2017. While Biden’s administration has seen jurisdictional conflicts between the SEC and CFTC over crypto regulation, opinions are divided on whether Biden’s potential re-election would bring favorable legislation for the industry.