Trump's sons get rich from cryptocurrencies/ Their shares in the digital asset company are worth $1.5 billion
A Bitcoin company linked to President Donald Trump's two sons more than doubled in value in its IPO, reaching over $1.5 billion. It's the latest move by the US leader's family to expand its interests in crypto businesses.
Shares in American Bitcoin Corp rose as high as $14.52 on the first day of trading on Nasdaq, before making a move back, rising 16.5% to $8.04 by the end of the day.
The company is owned approximately 20% by Eric Trump and Donald Trump Jr. That values their stake in American Bitcoin at $1.5 billion at the close of trading, based on the 908.6 million shares outstanding that the company said it had in a filing on Sept. 2.
The crypto sector has become an engine of growth and potential profits for the president's family, even though the family business, The Trump Organization, once focused on building and managing real estate projects and golf courses.
The Trump family's efforts to enter the cryptocurrency sector have drawn criticism from Democratic lawmakers and government ethics watchdogs over potential conflicts of interest. Critics say the Trump family is profiting from crypto at the same time the president is easing regulations and enforcement on the industry.
“My father has absolutely nothing to do with this initiative,” Eric Trump said. “He’s running a nation and he’s not involved in our businesses in any way.” Eric Trump, who holds the titles of co-founder and chief strategy officer at American Bitcoin, described his role at the company as similar to a spokesperson.
“Cryptocurrencies have had a bad reputation for a long time. They have had serious difficulties in communicating a message,” he stressed. “I think I have become one of the big spokespersons for crypto over the last 12 to 18 months.”
President Donald Trump has promised to be the “president of crypto,” saying he supports the assets because they can improve the banking system and increase the dominance of the U.S. dollar.
In line with the increased interest in crypto, Eric Trump has traveled to many cities this year including Dubai, Hong Kong, and Tokyo, to rally foreign support for the industry.
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