The Trump family’s financial fortunes saw a staggering increase of $1.3 billion this week, driven largely by the market debut of American Bitcoin (ABTC), a mining enterprise co-founded by Eric Trump. The family’s wealth was further buoyed by gains linked to World Liberty Financial (WLFI), a decentralized finance (DeFi) protocol associated with the Trump lineage.
According to Bloomberg, World Liberty Financial’s performance alone contributed an additional $670 million to the Trump family’s net worth. Eric Trump’s stake in American Bitcoin, which premiered its trading on Wednesday, was valued at over $500 million. On its debut, shares of ABTC soared to a peak of $14 before experiencing a dramatic drop of over 50%, falling to a low of $6.24, highlighting the volatility of the cryptocurrency market.
The calculations surrounding the family’s net worth were made based on market conditions on Wednesday, and notably, they did not factor in approximately $4 billion worth of WLFI tokens currently held by the Trump family, which are under lock-up restrictions. Without these tokens, the Trump family’s estimated collective net worth exceeds $7.7 billion, as outlined in the Bloomberg Billionaires Index.
The Trump family’s foray into the cryptocurrency sector has been interpreted by some as lending legitimacy to a field often criticized, particularly in light of previous anti-crypto stances from the former administration. However, this deepening involvement in the crypto landscape has drawn criticism from Democratic lawmakers, who express concerns over potential conflicts of interest arising from the First Family’s financial ties within this growing sector.
Both American Bitcoin and World Liberty experienced significant volatility during their respective trading launches. World Liberty Financial made its trading debut on major cryptocurrency exchanges on Monday, releasing 24.6 billion WLFI tokens that sparked an initial surge in prices before plummeting by over 40%. Meanwhile, American Bitcoin’s stock was reinstated on US exchanges following its merger with Gryphon Digital Mining. The trading of ABTC was interrupted five times on its first day due to extreme volatility, reflecting the unpredictable dynamics of the cryptocurrency market, as shares initially surged before settling at around $7.36 per share.
