#Gate广场五月交易分享

Trump made another big profit!

First quarter transactions of the Trump family: 3,642 trades

The U.S. Office of Government Ethics (OGE) recently released Form 278-T, revealing the financial market transactions of the Trump family 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 the U.S. year, this amounts to about 58 trades per day—not per month, not per week, but every single day. Even professional quant fund traders would be stunned by this number.

At least $220 million but only 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 it’s important to 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 truly see is only the tip of the iceberg.

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

However, there are clear structural differences in the distribution over the trading periods—net buying in January at 1.75 times, nearly flat in February (0.98 times), and a sharp rise 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: executing 95 sales 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 trading rhythm suddenly shifted!

On March 17, 224 trades 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 Dell stock purchase valued between $1 million and $5 million, with three buys totaling an estimated $3.07 million, and no sales.

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 record high, with intraday gains reaching up to 14.58%.

High-frequency trading in tech stocks by the Trump family

Looking at specific stock targets, the most active buying and selling focused on AI and semiconductor sectors!

Nvidia: 9 buys, 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 accumulation list;

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

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

Tariffs increase, markets decline, buying Nvidia and Oracle;

Markets rebound, taking the opportunity to reduce holdings in Microsoft and Amazon;

If these are deliberate high and low points, the timing is remarkably precise. If not, the probability that random trades could achieve such accuracy is indeed thought-provoking.

The Trump family’s crypto industry positioning

The world’s largest Bitcoin mining company, MARA Holdings, has a very limited position: only 2 buys, with single transaction amounts ranging from $15,001 to $50,000.

What truly forms the crypto narrative are other stock holdings!

Cbase (COIN): 9 buys, with maximum single amounts between $100,000 and $250,000, concentrated around February 10;

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

Block (SQ), Robinhood (HOOD), and SoFi are also on the accumulation 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.

Structural ambiguity

All these transactions are executed within a framework that is inherently opaque. Assets are held in a revocable trust, with trustees being Donald Trump Jr. 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 chain starts with Trump, who can influence the Nasdaq with a single tweet every day.