Donald Trump Moves $2.4 Million in Ethereum to Coinbase

• Trump received between $500,000 and $1 million dollars by selling his NFT collection.
• These funds came via a licensing deal between NFT INC LLC and CIC Digital LLC.

Arkham Intelligence, an on-chain service, said in a Thursday report that a wallet associated with former United States President Donald Trump transferred more than $2.4 million in ethereum (ETH) to cryptocurrency exchange Coinbase in the previous few weeks, likely to sell those holdings.

After months of collecting Trump NFT royalties, he started transferring ETH to Coinbase three weeks ago. According to Arkham’s post on twitter, his highest amount was $4 million. For $2.4 million, he has sold 1,075 ETH, which is based on the deposits made thus far.

Profit from NFTs

Earnings of royalties from the official Trump collection of non-fungible tokens (NFTs) on the OpenSea marketplace contributed to the holdings. While not required, sending assets to an exchange usually means selling for other tokens or fiat.

As of Thursday, the wallet that Arkham monitors on its platform included a variety of tokens valued at $2.2 million. Public financial filings from August indicated that the wallet holding the highest royalties from Trump’s NFT sale also had the biggest sums of tokens, thereby linking the two. This led to the wallet being associated with Trump.

Although Trump was skeptical of cryptocurrencies while in office, he seems to have used them recently and may even be sitting on earnings from the industry’s price fluctuations.

Trump received between $500,000 and $1 million dollars by selling his NFT collection, according to a filing he submitted in April. Rather than coming from direct sales of NFTs, these funds came via a licensing deal between NFT INC LLC and CIC Digital LLC.

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