American Bitcoin, a Bitcoin company linked to two of President Donald Trump’s sons, more than doubled its value on its first day of trading on the stock market. This surge brought the value of the Trump brothers’ stake in the company to over $1.5 billion.
Shares of Bitcoin mining company American Bitcoin soared to a high of $14.52 on their first day of trading on the Nasdaq. By the end of the day, they settled at $8.04, closing with a 16.5% increase.
According to a previous interview with the company’s Chairman, Asher Genoot, approximately 20% of American Bitcoin is owned by Eric Trump and Donald Trump Jr.
Based on the closing price and the 908.6 million shares outstanding as stated in American Bitcoin’s September 2 stock market filing, the Trump sons’ shares are valued at $1.5 billion. The highest price the shares reached on Wednesday would have put that value at $2.6 billion.
In an interview on Wednesday, Eric Trump stated, “Crypto is exploding. Crypto is at least 50% of what I’m doing.”
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