An Ethereum wallet thought to belong to former U.S. President Donald Trump recently moved millions in crypto earned from sales of non-fungible tokens, according to reports from Arkham Intelligence on Dec. 27.

Arkham noted that Trump’s wallet began to send his ETH holdings to Coinbase three weeks ago and has moved 1,075 ETH, worth $2.4 million, to the exchange. Arkham added that Trump’s wallet previously held $4 million at its peak.

Live Arkham data shows that Trump currently holds $1.39 million of ETH. He additionally holds $644,000 in MATIC and small amounts of other cryptocurrency tokens for a total of $2.22 million. Arkham’s data additionally indicates that the wallet did not initiate any transfers to exchanges before December.

Though Arkham suggested that Trump is selling the recently transferred holdings, the attached transaction log only shows deposits to Coinbase. The log does not explicitly show that he has sold or converted the funds to another asset.

Funds likely linked to NFT sales

The crypto wallet in question is believed to belong to Trump based on Arkham Intelligence’s findings. Arkham asserted in August that the wallet belonged to Trump based on information in a financial statement released that month.

Forbes India separately reported on Trump’s financial disclosure at the time. The wallet’s balance appears to originate at least in part from Trump’s NFT sales.

Sales of the Trump-themed NFTs are conducted through a firm called NFT International LLC. The company claims it does not operate under Trump. However, Trump has been highly involved in promoting the NFTs and has hosted various events for those who purchase the collectibles. He has seemingly collected royalties and revenue from the sales, as explained above.

The company has so far released three series of NFTs. The latest batch of NFTs attempted to capitalize on Trump’s recent arrest by featuring his mugshot photo. High-quantity purchases included a physical card with pieces of Trump’s suit.