Benzinga - Former President Donald Trump, who is a Republican candidate for the upcoming Presidential election, has witnessed a substantial increase of $91,000 in his Ethereum (CRYPTO: ETH) holdings since he launched his NFT collection in December 2022.
What Happened: According to data provided by Arkham Intelligence, Trump’s Ethereum wallet currently holds a total of 1,553 ETH. As the price of Bitcoin (CRYPTO: BTC) and Ethereum has surged in recent times, it has resulted in the growth of Trump’s NFT holdings by over $91,000.
This resurgence in the cryptocurrency's worth was fueled by renewed hopes for Securities and Exchange Commission (SEC) ETF approval and market optimism following the dismissal of charges against two Ripple executives in the XRP lawsuit.
Recent information obtained by the governmental ethics watchdog group, Citizens for Responsibility and Ethics in Washington, indicates that Trump possesses a cryptocurrency wallet holding approximately $2.8 million worth of Ethereum as of early August. This figure now stands close to $2.71 million.
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Why It Matters: Despite expressing skepticism towards cryptocurrencies during his presidential term, Trump has actively engaged with the crypto industry. Last year, he launched a non-fungible token (NFT) project called “Trump Digital Collectible Cards,” which featured exclusive images of himself. This project gained significant popularity, leading to the release of a second series of collectibles in April, which also quickly sold out.
Official documents indicate that Trump earned $4.87 million in licensing fees from his NFT collection.
Price Action: At the time of writing, ETH was trading at $1,700, up 4.00% in the last 24 hours, according to Benzinga Pro.
Photo by Evan El-Amin on Shutterstock
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