Trump's Accounts Buy Strategy Stock, Sell Bitcoin Miners Amid Market Shifts
According to recent federal filings, President Donald Trump's accounts made several trades involving Strategy (NASDAQ:MSTR) stock and Bitcoin miners MARA Holdings (NASDAQ:MARA) and CleanSpark (NASDAQ:CLSK). On July 27, the accounts bought up to $100,000 worth of Strategy stock, which has since surged about 80% in value. Two days later, on July 29, they sold shares of MARA and CLSK.
The trades suggest that Trump's accounts may be supporting a company that holds Bitcoin while selling off those that mine it. This could indicate a nuanced understanding of the cryptocurrency market, where Strategy profits from holding Bitcoin while miners face higher costs due to power expenses. For instance, MARA reported electricity costs for Bitcoin production rose to $38,690 per coin, up from $33,735.
The White House attributes these trades to third-party managers running the accounts through index-tracking model portfolios with no input from Trump or his family. The size of these trades was relatively small compared to other transactions in July, including sales of Microsoft and Amazon stocks worth between $5 million and $25 million each.