A cryptocurrency company associated with the sons of former U.S. President Donald Trump made a significant impact in its stock debut, more than doubling in value on the Nasdaq. The company, American Bitcoin, specializes in bitcoin mining and saw its shares reach a peak of $14.52 during its inaugural trading day. By the market’s close, shares settled at $8.04, reflecting a robust increase of 16.5%.
The financial success of American Bitcoin underscores the growing influence of cryptocurrency investments within the Trump family. Eric Trump and Donald Trump Jr. hold approximately 20% ownership in the company, according to American Bitcoin’s executive chairman, Asher Genoot. Based on a stock exchange filing from September 2, the valuation of their shares is estimated at over $1.5 billion as of the trading day’s end. At the peak share price reached on Wednesday, their stake could have been valued as high as $2.6 billion.
This surge in value comes as cryptocurrency has been increasingly recognized as a viable and lucrative business venture, marking a shift from the traditional business interests of the Trump Organization, which primarily focused on real estate and hospitality. Eric Trump highlighted the significance of this sector in an interview, emphasizing that cryptocurrency now occupies a substantial part of his professional focus. “Crypto is exploding… I would be saying right now, the crypto space is at least 50% of what I’m doing,” he stated, signaling a strategic pivot toward digital assets.
The success of American Bitcoin further elevates the Trump family’s involvement in the rapidly evolving world of cryptocurrency, a space that is gaining traction amid changing market dynamics.
