American Bitcoin, partly owned by Eric Trump and Donald Trump Jr., has successfully debuted on the Nasdaq, adding billions to the family’s wealth.
The Debut of American Bitcoin on Nasdaq
American Bitcoin, trading under the ticker ABTC, surged 16% on its Nasdaq debut, adding approximately $1.5 billion to the Trump family's wealth. The stock hit a high of $14 before settling at $8.04 per share, with high volatility triggering Nasdaq's circuit breakers five times.
Eric Trump's Comments
Eric Trump, co-founder of American Bitcoin, stated in an interview with Bloomberg that "the Bitcoin floodgates are just starting to open." He emphasized that they mine Bitcoin at about 50% of its market price, giving them a considerable advantage over competitors. "We have hundreds of millions of dollars of hard assets and data centers behind us," he noted.
Growth of Trump's Crypto Empire
The Trump family is involved in multiple crypto ventures, including the decentralized finance platform World Liberty Financial. Recently, the platform unlocked 20% of its token supply, making it tradable and increasing their wealth by $5 billion. They have also launched several meme coins and entered into a partnership with Crypto.com for using CRO tokens on their social platform, Truth Social.
The success of American Bitcoin on Nasdaq and the Trump's family's active investments in the crypto sector highlight their growing influence in the industry and plans for further expansion.
