Trump Sons’ Crypto Bet Pays Off As American Bitcoin Stock Doubles, Adding $1.5B to Their Wealth

A Bitcoin mining company tied to President Donald Trump through two of his sons surged in its stock market debut on Wednesday, boosting their paper wealth by more than $1.5b.

Shares of American Bitcoin, co-founded by Eric Trump and backed by Donald Trump Jr, jumped as much as 110% in early trading before pulling back.

The stock closed up 14% following its all-stock merger with Nasdaq-listed Gryphon Digital Mining, giving the company a market value of about $7.7 billion.

At the peak price of $14.52, the brothers’ combined stake was briefly worth $2.6b. By the close at $8.04, their holding was valued at around $1.5b, based on 908.6m shares outstanding, according to the company’s latest filing.

5.88K

The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.