The shares of American Bitcoin Corp, a bitcoin miner, surged as high as $14.52 on its first day of trading on the Nasdaq before reversing course and closing the day up 16.5% at $8.04.
Trump Sons’ Crypto Fortune
The two eldest sons of US President Donald Trump are involved in a bitcoin firm that more than quadrupled in value in its stock market debut on Wednesday, valuing the boys’ share at well over $1.5 billion, according to Reuters, as the Trump family expands its cryptocurrency business interests.
The shares of American Bitcoin Corp, a bitcoin miner, surged as high as $14.52 on its first day of trading on the Nasdaq before reversing course and closing the day up 16.5% at $8.04.
Asher Genoot, chairman of American Bitcoin Corp., statement that Donald Trump Jr. and Eric Trump together hold a 20% stake in the company.
Trump Brothers’ Bitcoin Surge
The Trump brothers owned $1.5 billion worth of American Bitcoin at the end of business, according to the company’s September 2 stock market report, which said that it had 908.6 million outstanding shares. Their investment was worth $2.6 billion on Wednesday, when the stock was trading at its peak price.
Cryptobusiness
The article claims that cryptocurrency endeavors have grown to be a significant source of expansion and possible windfall gains for the president’s family. The Trump Organization, the Trump family’s company, used to concentrate on developing and managing golf courses and real estate developments.
Crypto is booming, and Eric Trump revealed in a Wednesday interview with Reuters that “at least half of everything I’m working on right now involves the crypto industry.”
Nonetheless, Democratic politicians and government ethics watchdogs have criticized the Trump family’s cryptocurrency ventures due to conflicts of interest. The Trump family is allegedly making money from cryptocurrency as the president is relaxing laws and regulations pertaining to the sector, according to the critics.
Criticism Over Trump Crypto
“Crypto’s voice was awful for a while. They found it quite difficult to convey a point. Over the last, say, 12 to 18 months, I believe I have emerged as one of the leading voices for cryptocurrency,” he remarked. “I believe I’ve been able to put a wonderful voice on it, not only here in the U.S., but worldwide.”
President Donald Trump had previously pledged to support the asset class because, in his words, it might strengthen the financial system and strengthen the US dollar‘s position as the dominant currency.
Eric traveled abroad this year to promote the cryptocurrency business in places like Tokyo, Hong Kong, and Dubai.
The Trump family started a number of cryptocurrency businesses in 2024, including World Liberty Financial and American Bitcoin.
Trump Family Crypto Windfall
According to estimations by Reuters, World Liberty Financial, which introduced digital tokens known as $WLFI, made the first family over $500 million on Monday since its establishment in 2024.
In August, Trump Media & Technology Group and Crypto.com reached an agreement with a blank-check acquisition firm to establish a new business that would purchase the digital token CRO using a treasury-style approach.
About 80% of American Bitcoin is owned by Hut 8 Corp, an energy infrastructure business that also mines bitcoin.
American Bitcoin announced to the stock market on Wednesday that it is also selling $2.1 billion worth of shares, with the proceeds going toward buying bitcoins or bitcoin mining equipment.