#Gate广场五月交易分享

Trump makes another big profit!

First quarter of the Trump family’s 3,642 transactions

The U.S. Office of Government Ethics (OGE) recently released Form 278-T, revealing the Trump family’s financial market transactions in the first quarter of 2026.

This 113-page document was marked as late from the start—late submission, and the filer has paid a late filing penalty.

And the most surprising thing is the quantity: throughout the entire first quarter of 2026, the Trump family completed a total of 3,642 securities transactions.

Based on approximately 252 trading days in a year in the U.S., that’s about 58 transactions per day—this isn’t monthly, not weekly, but daily. Even professional quant fund traders would be stunned by this number.

At least $220 million but only within a range

The lower limit of the transaction amounts shown in the document is $220 million, with an estimated total range between $220 million and $750 million, and a median estimate of about $475 million.

But note that Form 278-T uses a range reporting system for amounts, not precise figures; the document only requires disclosure of transactions over $1,000; the transaction flow amounts and total market value of holdings are two different concepts.

So what the outside world can see is only the tip of the iceberg.

The reality of the 278-T form: the overall direction of transactions is net buying, with a buy-to-sell ratio of about 2:1!

However, there are clear structural differences in the distribution over trading periods—net buying in January at 1.75 times, nearly balanced in February (0.98 times), and sharply rising in March to 2.93 times.

Looking back now, this rhythm of buying and selling precisely corresponds to a main theme of U.S. geopolitical affairs.

Trading rhythm before and after the U.S.-Iran war

Before the U.S. and Israel launched their epic offensive against Iran, from February 23 to 27, the Trump family accounts showed a clear defensive sell-off: 95 sell transactions and only 69 buys over five days.

Most of the stocks sold were Walmart, Cincinnati Financial, Verizon, and other consumer and communication stocks closely related to geopolitical risks.

After the Iran-U.S. war broke out on February 28, the buy-sell rhythm suddenly changed!

On March 17, 224 transactions were executed in a single day; on March 23, a new high—188 buys and 11 sells; and in the last week of March, a total of 280 buys and only 93 sells.

This starkly contrasting operation pattern before and after major geopolitical events is extremely rare in routine investment trading.

Trump’s appreciation for Dell Technologies

The most unavoidable detail in the document is the Trump family’s buy record of Dell Technologies (DELL).

On February 10, this account executed a purchase of Dell stock valued between $1 million and $5 million, with three buys totaling an estimated $3.07 million, and no sells.

Moreover, on May 8 this month, Trump publicly praised Dell at a White House event and called on Americans to buy a Dell.

That day, Dell’s stock price soared to a new high, with intraday gains reaching as much as 14.58%.

Frequent buying and selling of tech stocks by the Trump family

Looking at specific stock targets, the most active buying and selling stocks are concentrated in AI and semiconductor sectors!

Nvidia: 9 buys, with amounts ranging from $1.8 million to $6.6 million;

Oracle: 11 buys, estimated total between $2.2 million and $10.6 million;

AI infrastructure stocks like AMD are also on the increase list;

Meanwhile, the stocks sold include high-flyers like Microsoft, Amazon, and Meta; although Microsoft and Amazon had fewer sales, the single-transaction amounts were significantly higher than the buys.

Interestingly, the timing of buying and selling coincides precisely with the volatility cycle of tariff policies.

Tariffs increased, markets declined, and Nvidia and Oracle were bought;

Markets rebounded, and Microsoft and Amazon were reduced;

If this was intentional market timing—buying low and selling high—the precision of execution is quite remarkable. If not, the probability that random trades could achieve such accuracy is indeed thought-provoking.

Trump family’s layout in the crypto industry

The world’s largest Bitcoin mining company, MARA Holdings, has a very limited position: only 2 buys, with single-transaction amounts between $15,001 and $50k.

What truly forms the crypto narrative are other stock holdings!

Cbase (COIN): 9 buys, with maximum single amounts between $100k and $250k, concentrated around February 10;

MicroStrategy (MSTR): 8 transactions, with maximum buys between $50,000 and $100k;

Block (SQ), Robinhood (HOOD), and SoFi are also on the increase list;

This portfolio aligns closely with the pro-cryptocurrency policies promoted by the Trump administration, including establishing a federal Bitcoin reserve and launching a Trump account retirement plan, all highly synchronized in timing.

Structural ambiguity

The execution structure of all these transactions is inherently opaque. Assets are held in a revocable trust, with the trustees being Little Trump and Eric Trump.

Legally, Trump himself does not directly hold these assets, but his beneficial interest in the trust remains unchanged. Some transactions are marked as executed by brokers acting as agents, meaning the source of instructions cannot be traced: whether Trump issued the orders or his children made autonomous decisions, the document provides no answer.

This structure is legally permissible. But the outside world cannot confirm whether the decision-making chain starts with Trump, who can influence the Nasdaq with a single tweet every day.