Former President Donald Trump, who is running for a second term in this year's elections, holds between $1 million and $5 million in cryptocurrencies, according to his latest financial disclosure.
What Happened: Trump’s disclosure lists the asset as “cryptocurrency wallet virtual Ethereum ETH/USD held in cold wallet,” likely connected to the self-styled non-fungible token collections from which he has earned royalties.
The Republican presidential hopeful earned $7.15 million in licensing fees from the NFT venture.
The latest filing revealed a whopping 900% jump in Trump's cryptocurrency holdings from the previous disclosure.
According to Arkham Intelligence, Trump’s cryptocurrency portfolio is mainly in Ether and PolitiFi tokens themed after him, such as Maga TRUMP/USD, which were donated to him as a marketing scheme.
See Also: Bitcoin Miners Expand Capacity As Network Hashrate Hits New Record Despite Recent Price Drop
Why It Matters: Trump released his first NFT collection, Trump Digital Trading Cards, in late 2022. The project used Trump's name, image, and likeness to distribute 45,000 NFTs priced at $99 each. Trump earned royalties on the initial sale as well as a small portion of the trading volumes on the secondary market.
The presidential nominee has taken a 360-degree pivot from being a cryptocurrency skeptic when he called Bitcoin BTC/USD a "scam" to waging a passionate political campaign in favor of the asset class.
In a recent Bitcoin conference, he advocated setting up a national stockpile of the apex cryptocurrency and vowed to make the U.S. the "crypto capital" of the planet. Earlier this year, he also started to accept cryptocurrency for official campaign donations.
Price Action: At the time of writing, TRUMP coin was exchanging hands at $2.84, down 4,53% in the last 24 hours,
Did You Know?
- Congress Is Making Huge Investments. Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool
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