Trump sold Coinbase and Strategy in June.

Yet he publicly declared, “The United States should become the Bitcoin superpower.”
Trump’s words: Bitcoin is a strategic reserve, and crypto is the future.
Trump’s wallet: He sold Coinbase in three batches and Strategy in two, reducing his holdings by nearly $500,000 in total. Then he used the spare change to buy a little Robinhood—just over $10,000, as casually as grocery shopping.
More than 1,000 transactions, totaling as much as $260 million, with crypto-related assets making up a pitifully small share. What does that tell us? It shows that in Trump’s actual asset allocation, crypto stocks are a peripheral position. He makes a tremendous amount of noise, but he really hasn’t bet much.
So why sell? The timing was too perfect. June was right around the signing of the GENIUS Act, while the SEC was promoting stock tokenization. The crypto world was celebrating, believing the spring of compliance had arrived.
Then he reduced his holdings at the highs. This doesn’t mean he is bearish on the crypto sector’s long-term value. It was short-term arbitrage—the policy catalyst had been fully priced in, the stock price had risen, and it was time to sell.
Retail investors heard Trump support Bitcoin and rushed in to buy Coinbase, Strategy, and mining stocks.
Meanwhile, the president was already selling in June. Once retail investors had nearly finished taking the other side, earnings season, macro data, and regulatory changes arrived, sending stock prices lower. The people left holding the bag were those who had entered the market after hearing the slogans.
That small Robinhood purchase is rather interesting. The amount was small enough to ignore, but the direction was an increase.
Robinhood and Coinbase are bitter rivals, both competing for retail investor access. Robinhood is also better positioned in the tokenization narrative. Trump selling Coinbase and buying Robinhood may indicate a bet that the “next compliance-driven trend” will shift from exchanges to brokerages plus on-chain infrastructure.
These crypto transactions don’t even amount to spare change compared with his total transaction volume of $260 million.
The president’s true attitude is not reflected in what he posts on Twitter, but in how he operates his accounts. He can shout his support every day, but in terms of real-money allocation, crypto is merely a side dish.