Trump Disclosure Shows Strategy, Coinbase Buys as Bitcoin Miners Sold

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• The two July Strategy purchases totaled between $51,002 and $115,000 before accounting for an earlier Strategy sale.
• The transactions shifted exposure from Bitcoin mining businesses toward a BTC treasury company and crypto-market infrastructure.
• Coinbase and other crypto-linked stocks were already present in Trump’s disclosed portfolio before the July transactions.

President Donald Trump’s investment accounts added Strategy and Coinbase shares in late July while selling two publicly traded Bitcoin miners, according to a newly released federal financial disclosure. The largest crypto-linked transaction was a $50,001-$100,000 Strategy purchase on July 27, suggesting a shift in the composition of the portfolio’s digital-asset exposure rather than a broad increase across crypto stocks.

Three days earlier, the accounts bought another $1,001-$15,000 of Strategy and the same amount of Coinbase.

On July 29, they sold $15,001-$50,000 each of MARA Holdings and CleanSpark. The White House says Trump’s stock and bond portfolio is independently managed by third-party financial institutions and that neither Trump nor his family directs individual investment decisions or their timing.

Strategy Was the Largest Crypto-Linked Buy

The July 27 Strategy transaction was considerably larger than the other crypto-stock purchases disclosed for the month.

Combined with the July 24 transaction, Trump’s accounts reported $51,002-$115,000 in gross Strategy purchases. They had also sold $1,001-$15,000 of the stock on July 8, meaning the transactions do not represent an equivalent increase in the final position.

Federal periodic transaction reports disclose securities activity within predefined dollar bands rather than providing exact transaction values, share counts or execution prices. That prevents a precise calculation of the net

Strategy position from the filing alone.

The timing nevertheless provides useful market context.

Strategy closed at $91.67 on July 24 and $98.65 on July 27, according to Nasdaq market data cited by Unchained.

By September 22, when the disclosure became public, the stock had reached $167.33. That puts the shares about 69.6% above their July 27 closing price.

That is a stock-performance comparison, not Trump’s personal investment return. The actual purchase price and exact amount invested are not disclosed.

The transaction also came during a weak period for Strategy. Its shares had recorded a 2026 closing low of $82.31 on June 26, putting the larger purchase less than a month after that low.

Coinbase Was Added as MARA and CleanSpark Were Sold

The surrounding transactions reveal a more interesting portfolio change than the Strategy purchase alone.

On July 24, the accounts bought $1,001-$15,000 of Coinbase. Five days later, they sold $15,001-$50,000 each of MARA Holdings and CleanSpark.

All four companies provide exposure to the digital-asset market, but through very different economics.

Strategy has built its corporate strategy around accumulating Bitcoin, making its shares highly sensitive to BTC while also reflecting financing decisions, equity issuance and how investors value the company’s Bitcoin holdings.

Coinbase provides exposure through trading, custody, stablecoins and other crypto financial infrastructure.

MARA and CleanSpark introduce another layer of operational risk. Bitcoin miners must contend with network difficulty, hashprice, energy costs, equipment efficiency and capital expenditure. Bitcoin can appreciate while deteriorating mining economics still pressure margins.

The disclosed July activity therefore moved some crypto-linked equity exposure away from businesses dependent on producing Bitcoin and toward companies positioned around holding the asset and providing infrastructure around the wider crypto market.

The filing does not establish why the independently managed accounts made that shift, so the transactions should not be treated as evidence of a deliberate view on mining economics.

The Crypto Trades Were Small Within a Much Larger Portfolio

The headline Strategy purchase becomes less dramatic when placed against Trump’s wider July securities activity.

The 37-page OGE Form 278-T contains 1,156 transactions for the month. Based on the disclosure ranges, CNBC calculated that those trades represented approximately $79 million to $270 million in total activity.

At the upper end, the two Strategy purchases amounted to $115,000. Even before considering the July 8 Strategy sale, that represents only a small fraction of the securities activity disclosed for the month.

The crypto-linked positions were also not new.

An earlier official OGE periodic transaction report shows a $100,001-$250,000 Coinbase purchase on February 10, considerably larger than the Coinbase transaction disclosed for July.

That earlier filing matters because it changes how the latest transactions should be interpreted. The July purchases did not mark the portfolio’s first move into listed crypto companies. They adjusted exposures that were already present.

The latest disclosure also identifies the transactions as belonging to Trump’s investment accounts, not as trades personally selected by the president. White House spokesman Davis Ingle told CNBC that third-party financial institutions independently manage the stock and bond portfolio and said Trump and his family cannot direct or influence purchases, sales or their timing.

The Shift Matters More Than the Dollar Amount

The July disclosure offers limited evidence for claims that Trump’s portfolio made a major new bet on crypto.

A maximum of $115,000 in gross Strategy purchases is modest alongside tens of millions of dollars in reported monthly securities activity, while an earlier filing shows that the accounts already held exposure to Coinbase and other crypto-linked equities.

The composition of the transactions is more informative.

Within five days, the accounts added Strategy and Coinbase while disposing of MARA and CleanSpark. That replaced some exposure to the operational economics of Bitcoin mining with two different crypto-equity models:

Strategy’s Bitcoin-heavy balance sheet and Coinbase’s position in digital-asset financial infrastructure.

The disclosure cannot reveal the investment rationale behind those independently managed trades. What it does reveal is a measurable change in where the portfolio’s publicly traded crypto exposure was concentrated.