A cryptocurrency wallet linked to former President Donald Trump, the leading Republican presidential candidate, is said to contain assets worth about $10 million.
According to blockchain data tracked by Arkham Intelligence, the wallet contains significant amounts of MAGA tokens , Ethereum (ETH) and MAGA VP tokens.
The wallet linked to Donald Trump primarily contains $7.12 million worth of TRUMP tokens , originally purchased using wrapped ether (WETH) on Uniswap. In addition, it holds 463,441 ETH worth about $1.84 million and 1 million MAGA VP tokens, valued at $509,000.
At the beginning of the week, the total value of the portfolio exceeded $10 million, but due to fluctuations in token prices at the time of writing this article, it stands at $9.95 million.
Arkham Intelligence noted that much of the portfolio’s value comes from asset valuations, especially MAGA tokens. MAGA is trading at $12.03, reflecting a 3.16% increase over the past 24 hours.
Trump’s involvement in cryptocurrency has been noteworthy. His holdings place him among the top celebrities in terms of crypto assets, surpassing the likes of Justin Bieber, Kevin Hart and Jimmy Fallon.
The portfolio’s link to Trump was established based on information in his financial statements filed in August 2023.
At the time of the initial link, Trump’s portfolio contained nearly $5 million in ETH and earned about $4.9 million from the Trump Digital Trading Card NFT collection . His presence in crypto classified him as a “cryptocurrency.” In December 2023, the portfolio sold $2.4 million worth of ETH.
Donald Trump’s support for cryptocurrencies
Donald Trump recently expressed strong support for cryptocurrencies, emphasizing his openness to the industry during a speech at the Libertarian National Convention. He compared his position with that of President Joe Biden, criticizing Biden’s perceived anti-crypto stance and promising to ensure the development of cryptocurrencies under his leadership.
Trump’s endorsement comes as the Biden administration shows signs of a softened approach to cryptocurrencies, particularly after the recent approval of eight Ethereum ETF applications by the US Securities and Exchange Commission (SEC).
The industry is expected to play a major role in the upcoming elections, despite the fact that only a small percentage of Americans use or store cryptocurrencies. Reports indicate that cryptos companies are ready to invest more than $80 million in the 2024 elections.
According to Chris Giancarlo, a former CFTC commissioner, Trump has been called “the first American president to deal with cryptocurrencies” because his administration approved future Bitcoin contracts during his first year in office in 2017. Although the Biden administration has seen jurisdictional conflicts between the SEC and the CFTC over cryptocurrencies, opinions are divided on whether Biden’s potential re-election will benefit the industry.
