Donald Trump’s sons earned $ 1.5 billion on cryptocurrency in just one day

Reuters reports that the shares of American Bitcoin Corporation, a bitcoin mining company BTC $110,322.00 Mezo Wrapped BTC -0.36% Market capitalization $40.82 million VOL. 24 hours $0.56 billion associated with Donald Trump’s sons Donald Trump Jr. and Eric Trump, rose sharply during its debut on the Nasdaq stock exchange on September 3. The value of their stake in the company was estimated at more than $ 1.5 billion on the first day of trading.

At the peak, the quotes reached $ 14.52, which temporarily raised the value of the Trumps' stake to $ 2.6 billion. By the close of the day, the price dropped to $ 8.04, but still remained 16.5% higher than the starting price. The company has almost 909 million shares outstanding.

Approximately 20% of American Bitcoin is owned by Donald Trump Jr. and Eric Trump. Eric Trump is the co-founder and chief strategist of the company. He stated that cryptocurrencies take up half of his professional activities, calling the industry «explosively growing.»

Eric also rejected accusations of a conflict of interest, emphasizing that his father, the current US president, «has nothing to do with business» and is focused solely on running the country.

Over the past year, the Trump family has launched several crypto projects: bitcoin mining through American Bitcoin, the issuance of World Liberty Financial (WLFI) tokens that brought in about $ 500 million, and a series of meme coins created by Donald Trump and his wife on the eve of the inauguration. Donald Trump himself has repeatedly stated his intention to become a «crypto president» and believes that digital assets can strengthen the US dollar and the banking system.