Former US President Donald Trump's Ethereum profits amount to $2.8 million

Donald Trump; Image: Evelyn Hockstein / Reuters

In a surprising turn of events, former US President Donald Trump has emerged as an Ethereum whale, potentially profiting a staggering $2.8 million from his ETH holdings. The revelation comes from certified financial disclosures for 2023, released by Citizens for Responsibility and Ethics in Washington (CREW).

‘Ethereum whale’ refers to an individual or entity that possesses a substantial amount of the crypto Ethereum. Such whales wield significant influence over the market, capable of executing substantial transactions that can impact Ethereum's price and market dynamics.

Trump's involvement with Ethereum has proven highly lucrative, with earnings totalling $2.8 million from his ETH holdings, a substantial increase from the $250,000 to $500,000 reported in his April 14 filing. Notably, the former President has reportedly reaped an additional $4.8 million from licensing fees associated with nonfungible token (NFT) collections that prominently feature his likeness. His foray into crypto-related ventures has generated an estimated net profit of approximately $7.6 million.

As Trump sets his sights on potentially returning to the White House in the forthcoming 2024 election, his indictment in Georgia somewhat overshadows this financial revelation. On August 14, Donald Trump and 18 associates were accused of conspiracy to overturn his 2020 election defeat in Georgia.

Moreover, Trump's stance on crypto has been nothing short of controversial. Despite his notable involvement with Ethereum and NFTs, he has previously voiced scepticism towards cryptos, going so far as to label them as potentially "fake" and a "disaster waiting to happen." He has also been a vocal critic of Bitcoin, referring to it as a "scam" and expressing concerns about its competition with the US dollar.