U.S. Representative Mike Collins made headlines recently for engaging in unconventional trading practices, actively participating in the buying and selling of crypto altcoins. One particularly notable trade has yielded the Congressman over 135% in unrealized profits thus far.
In a disclosure made on July 11, Congressman Collins revealed the sale of three DeFi altcoins – The Graph (GRT), Velodrome (VELO), and Aerodrome (AERO) – with sales ranging from $1,001 to $15,000. Interestingly, the filings also unveiled previous and upcoming AERO purchases, indicating a strong conviction with purchases ranging from $1,001 to $15,000 before the sale and $15,001 to $50,000 after it. Aerodrome stands out as the primary liquidity hub and decentralized marketplace on Coinbase’s Ethereum second-layer Base.
On August 25, Collins followed a similar pattern by disclosing an AERO sale on August 4 and a subsequent repurchase on August 5, both within the same nominal value range of $15,001 to $50,000.
Congressman Collins has demonstrated skill in his AERO trading endeavors, strategically buying low and selling high. As of the latest update, Aerodrome’s token is trading at $1.18 after experiencing a significant surge in value.
The analysis of Collins’s trades reveals an astute move with potential profits of over 156% from a third purchase made on August 5 at a low of $0.46. A more conservative estimate indicates a profit of around 135%, translating to potentially $67,500 in unrealized profits, based on the disclosed trading ranges.
Collins’s involvement in AERO trading activities has placed him in a unique position among U.S. politicians, as revealed by Quiver Quantitative data. While altcoin trades are not common in politicians’ financial disclosures, Collins’s approach has garnered attention, especially in anticipation of an upcoming altseason.
Despite the growth in Base’s transaction volume and user engagement, recent incidents such as a major network outage have raised concerns regarding the platform’s stability and reliability.
The post “Congressman profits over 135% with unusual crypto trade” was originally published on Finbold.