Trump Son's Crypto Stake Surges 548% to $548M

The son of Donald Trump has made a significant profit from his investment in a cryptocurrency company. The value of his stake in the company has surged to approximately 548 million dollars this year, highlighting the Trump family's growing involvement and success in the digital asset industry. This investment underscores the family's strategic moves in the cryptocurrency market, which has seen substantial growth and volatility in recent years.

The son holds approximately 7.5% of the shares in American Bitcoin, a company that was established with the technological resources of another enterprise and a series of documents. The company made its debut on the Nasdaq stock exchange on Wednesday, with its stock price doubling at one point during the trading session before closing at 8.04 dollars. American Bitcoin aims to accumulate Bitcoin through mining equipment located in New York State, Alberta (Canada), and Texas, all provided by another cryptocurrency company.

The son expressed pride in American Bitcoin, stating that the company has received their full dedication and that Wednesday marked just the beginning of their journey. The representative of American Bitcoin did not respond to requests for comment.

American Bitcoin's journey to the public market involved a series of complex transactions. These deals created new opportunities for the son and his brother, who, during their father's presidency, saw cryptocurrencies gain mainstream acceptance, allowing them to benefit once again from the industry. Many cryptocurrency companies have invited the Trump brothers to take on key roles, creating a trend within the industry. Public records indicate that the brothers, along with other stakeholders, collectively own 98% of the newly listed company's shares.

The Trump family's total assets exceed 64 billion dollars, with various emerging cryptocurrency projects further driving their wealth growth. Although the Bloomberg Billionaires Index does not list the son's personal wealth, the value of his American Bitcoin shares exceeds the total value of the Trump family's 13 golf courses and resorts.

When asked about the value of his American Bitcoin shares, the son responded, "Whether or not we have this investment, we are already very fortunate in life." American Bitcoin's journey from inception to listing took less than a year. Its predecessor, American Data Centers, was established by a small investment bank, with the Trump family providing consulting services. American Data Centers then acquired mining equipment from Hut 8, in exchange for which Hut 8 received a majority stake in the newly formed American Bitcoin.

American Bitcoin subsequently announced a merger with Gryphon Digital Mining Inc., with the merged company retaining the name "American Bitcoin" and trading on the Nasdaq under the ticker symbol "ABTC." As of Wednesday, the company's market capitalization was approximately 72 billion dollars. In the three months leading up to June, its revenue was 30.3 million dollars, with a net profit of 3.4 million dollars.

The has been a prominent supporter of cryptocurrencies since his campaign, and during his tenure, he became one of the industry's most influential advocates. He signed legislation to legalize certain cryptocurrencies, established a national virtual asset reserve, appointed regulatory officials more favorable to the industry, and halted investigations into several major digital asset companies.