KEY POINTS
- Most of the wallet's holdings are MAGA and MAGA VP tokens
- The Trump-linked wallet also has Ether holdings worth around $1.8 million
- An analyst has said the bank believes a second Trump admin will be 'actively supportive' of BTC
A digital wallet linked to Republican presidential candidate Donald Trump has grown its cryptocurrency holdings to over $10 million, data from on-chain analysis firm Arkham Intelligence showed.
According to Arkham, which tracks down and monitors the crypto holdings of various individuals and entities, including influential figures, the Trump-linked wallet holds various tokens, including over 1.5 million MAGA and MAGA VP tokens.
The said wallet also holds a sizeable amount of Ether (ETH), the native cryptocurrency of the Ethereum blockchain. The account has 950,000 BABYTRUMP tokens and a staggering 20 billion CONAN tokens.
BREAKING: Donald Trump now holds $10M in crypto
— Arkham (@ArkhamIntel) May 27, 2024
Donald Trump’s on-chain holdings surpassed $10 Million this morning, mainly fuelled by the rise in price of the $TRUMP coin - of which Trump currently holds $7.3M. pic.twitter.com/rkQi6SLvvG
While the wallet's MAGA tokens make up for the larger chunk of its overall holdings, it also has over 463 Ether, which is worth around 1.8 million. The digital wallet also holds over 12,000 USD Coins (USDC).
Crypto price fluctuations have since receded, and as of Monday night, the total value of the wallet's holdings has decreased to over $9.6 million.
Trump's August 2023 financial filings showed that the business magnate held Ether holdings worth up to $500,000. At the time, outlets reported that his ETH holdings were likely associated with the sale of non-fungible tokens (NFTs) he launched late in 2022 as part of his 2024 presidential bid.
The ex-president, who, in the past, had been critical of cryptocurrencies, especially Bitcoin, has embraced digital assets in the lead-up to the November elections.
Just this week, he told libertarians that he will support the American crypto-holding public's "right to self-custody" and will "make sure that the future of crypto and the future of Bitcoin will be made in the USA," not overseas.
Jabbing the Democratic Party's leadership that has largely displayed hostility toward the digital assets industry, Trump said he will keep Sen. Elizabeth Warren, D.-Mass., and "her goons" from the people's Bitcoins.
Earlier this month, a crypto expert expressed optimism that a second Trump administration will be supportive of BTC, the world's largest cryptocurrency by market cap.
Standard Chartered digital asset analyst Geoffrey Kendrick said the investment banking giant expects a re-elected Trump "to be actively supportive of BTC (and digital assets more broadly) via a looser regulation and the approval of U.S. spot ETFs (exchange-traded funds)."
Interestingly, a mid-March poll by tech research investment firm Paradigm showed that 48% of digital assets owners were planning to vote for the GOP frontrunner, compared to 39% who were planning to vote for incumbent President Joe Biden.
The poll further revealed that a massive 69% of American voters were dissatisfied with the current financial system and have turned to alternatives where they feel "they have power."
