Before his presidency, people generally regarded Donald Trump as an active and experienced trader.
Recent revelations from the Office of Government Ethics appear to reinforce this, with a 113-page dossier reportedly showing that President Trump made more than 3,600 individual transactions in the first quarter of 2026 alone.
More importantly, the report suggests that President Trump had concentrated positions of more than $1 million in fifteen major US stocks, with Nvidia (NVDA) among the top positions.
Given current market conditions, these positions reflect significant unrealized gains. For example, NVDA recovered sharply after a 6.5% correction in the first quarter and has since risen 35% in the second quarter, reaching new all-time highs above $235.
However, the real focus here is not on stocks; are Bitcoin [BTC].
As the chart shows, President Trump’s portfolio at the end of March indicates an entry into MARA Holdings (MARA), with an estimated position size between $15,000 and $50,000.
This comes after MARA fell 50% in the fourth quarter, followed by another 9.13% decline in the first quarter of 2026, indicating that the entry occurred during a volatile and still recovering phase of the cycle.
Overall, the bigger signal is the combination of exposure to AI and Bitcoin-linked stocks, suggesting broader risk positioning for both tech and crypto themes.
MARA fuels the debate about indirect exposure to Bitcoin through equities
The crypto industry is no longer one sector, but consists of at least four separate segments.
MARA Holdings is specifically in the ‘blockchain infrastructure’ segment as it operates large-scale Bitcoin mining data centers that secure the Bitcoin network.
Simply put, MARA functions as one of the largest Bitcoin mining companies, meaning its infrastructure directly supports the production of new BTC.
In this context, President Trump’s accession to the company naturally leads to discussion analysts Think of the move as an infrastructure trade, similar to how NVDA represents a bet on AI infrastructure, tying exposure to BTC’s long-term growth rather than just price speculation.
The timing further reinforces this view.
As the chart shows, Bitcoin’s circulating supply is at multi-year lows.
For context, Bitcoin’s supply on the exchange is almost 5.6%, based on Santiment estimates. This is the lowest level since 2018 and signals tighter supply conditions.
Against this backdrop, President Trump’s position in MARA reinforces the broader long-term belief narrative building around Bitcoin.
Simply put, Bitcoin is starting to look like an AI-style macro theme, with MARA acting as the infrastructure layer, similar to how Nvidia supports AI through chips and computing power.
This also reflects MARA’s relative strength in the second quarter, reinforcing Bitcoin’s role as a fast-growing market theme alongside AI.
Final summary
- President Trump’s trading activities, including NVDA and MARA, reflect broader risk exposure to AI and Bitcoin-linked assets.
- Low Bitcoin exchange supply and MARA’s role as a mining infrastructure reinforce the long-term bullish BTC story.