Tennessee Congressman Mark Green reaps windfall on Dogecoin

A Tennessee congressman jumped into the Dogecoin craze — and reaped a windfall on the risky, canine-themed cryptocurrency, government documents show.

In early April, US Rep. Mark Green (R-Tenn.) made two purchases of Dogecoin that were each worth between $1,000 and $15,000 at the time, according to public disclosures on investments that are required for US lawmakers.

Dogecoin — a dog-themed digital coin that was created in 2013 as a joke — was trading at slightly over 6 cents when Green first bought it on April 1. It had risen to 12 cents when he doubled-down on April 14, according to Coindesk.

Doge — which had been trading at less than a penny at the start of the year — then began an eye-popping ascent as it got plugs from billionaires like Tesla tycoon Elon Musk and Dallas Mavericks owner Mark Cuban, sending it as high as 72 cents on May 7.

Green sold between $1,000 and $15,000 worth of Dogecoin on May 11 — at which point the cryptocurrency was priced at 50 cents, according to public documents. That means that any coins Green purchased on April 1 netted an 800-percent profit, while those that he bought on April 11 netted a more than 400-percent return.

Green cashed out just days after Musk’s appearance on “Saturday Night Live,” in which the tech billionaire called Dogecoin a “hustle,” sending the cryptocurrency tumbling.

Rep. Mark Green's Dogecoin timeline
Rep. Green scooped up Dogecoin in early April when it was trading between 6 cents and 12 cents, then sold a chunk on May 11 when it was trading at 50 cents, reaping a massive profit.
NY Post

Whatever the size of his trade, it looks like Green cash out a chunk of it at the right time. Dogecoin was trading at 31 cents early Wednesday, down about 40 percent from when he sold last week, but still well above where he bought both tranches.

Green — a 56-year-old legislator best known for ending a state income tax in Tennessee, as well as a military career that included a stint in the Gulf War — did not immediately respond to The Post’s request for comment on Wednesday. It’s also unclear whether he still owns any Dogecoin.

In mid-April, Green also made bets on three other cryptocurrencies — Ethereum Classic, Stellar Lumens and EOS, according to disclosure documents.

While other members of Congress including Sen. Cynthia Lummis (R.-Wyo.) and Bob Goodlatte (R.-Va.) have disclosed owning Bitcoin, Green appears to be the first member of the country’s highest legislature to dabble in Doge. He has represented central and western Tennessee’s 7th district since 2019.

Last week, a managing director at Goldman Sachs reportedly quit his job after raking in millions trading the cryptocurrency.

In addition to Dogecoin, which boasts a Shiba-Inu dog for its mascot, Rep. Green has recently invested in the cryptocurrencies Ethereum Classic and EOS, government records show.
Yuriko Nakao/AFLO/Shutterstock

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