According to on-chain firm Arkham Intelligence, a wallet linked to former U.S. President Donald Trump has moved over $2.4 million worth of ether (ETH) to the crypto exchange Coinbase in the past few weeks.

Arkham Intelligence had initially identified digital assets believed to belong to Trump in August, basing its findings on financial disclosures filed by the former President earlier that month.

Trump’s Ethereum Wallet Shows Sales Totaling $2.4 Million

About three weeks ago, a wallet associated with former U.S. President Donald Trump began sending Ethereum (ETH) to Coinbase, following months of accumulating Trump NFT royalties.

The peak balance in the wallet reached $4 million. According to Arkham Intelligence, based on the deposits, Trump has sold 1,075 ETH for $2.4 million.

Looks like Donald Trump is selling his ETH.

3 weeks ago he started sending ETH to Coinbase after months of accumulating Trump NFT royalties. His peak balance was $4 million.

Based on the deposits, so far he’s sold 1,075 ETH for $2.4 million. pic.twitter.com/JZzA3cS2je

— Arkham (@ArkhamIntel) December 27, 2023

In December 2022, Donald Trump released a collection of 45,000 NFTs priced at $99 each, which has amassed a total trading volume of 15,013 ETH ($35.4 million) on the NFT marketplace OpenSea. In April, Trump released a second NFT collection priced at $99 each.

Trump Digital Trading Cards generated $119,100 in trading volume between December 17 and 24.

Recently, Trump unveiled another set of digital trading cards that offer fans the chance to win perks such as dinner with him or a piece of the suit he wore when taken in by Georgia police after being indicted in August.

Meanwhile, the recent sales tracked by Arkham coincide with a 17% surge in ether over the past month. Ethereum, the world’s second-largest cryptocurrency by market capitalization, was trading at $2,376 at the time of reporting, up 6.7% over the past 24 hours.

Trump’s Connection with NFT INT LLC

The NFT drops and promotions associated with Trump were handled by NFT INT LLC, which operates under a paid license from CIC Digital LLC.

The website for Trump’s digital trading cards clarifies that NFT INT LLC is not owned, managed, or controlled by Donald J. Trump, The Trump Organization, CIC Digital LLC, or any of their respective principals or affiliates. The license for using Trump’s name, likeness, and image may be terminated or revoked according to its terms.

Previously, Trump has been listed as the manager, president, secretary, and treasurer of CIC Digital LLC, according to disclosures posted by Citizens for Responsibility and Ethics in Washington. These documents revealed that the former president owned up to $5 million worth of ether and had earned at least $4.9 million from NFT licensing fees.