(Bloomberg) – Eric Trump’s venture, a crypto company launched this year, has a valuation of approximately $548 million, highlighting how the Trump family is capitalizing on the digital assets market.
Bloomberg estimates that Eric owns about 7.5% of this American Bitcoin company, which emerged from some corporate adjustments and began trading on the Nasdaq Exchange on Wednesday.
American Bitcoin shares closed at $8.04 in New York after experiencing a significant rise earlier in the day. The company plans to deploy equipment in New York, Alberta, and Texas to mine Bitcoin.
In a text, Eric Trump expressed his pride in American Bitcoin, stating, “We put our hearts and souls into the company. Today is just the beginning.”
Representatives from Bitcoin in the U.S. have not yet commented.
The debut of American Bitcoin in the public market follows a series of transactions that enabled Eric and his brother Donald Trump Jr. to solidify their positions within the crypto industry, leveraging their father’s administration.
This adds to the trend of crypto firms hiring Trump’s sons for key roles. Reportedly, they are part of a group that owns 98% of the newly listed company.
The Trump family’s wealth, estimated at $6.4 billion, is expanding through a variety of crypto ventures. While Eric’s wealth isn’t separately quantified on the Bloomberg Billionaire Index, the American Bitcoin holdings reportedly surpass the value of 13 Trump golf and resort properties combined.
“We are extremely fortunate in life, with or without this effort,” Eric said during an interview on Bloomberg Television regarding American Bitcoin’s stock value.
The American Bitcoin listing came to fruition less than a year after it was created from a new entity known as American Data Center, which was established by a small investment bank called Dominari. They exchanged mining equipment from Hut 8 for a majority stake in the new organization.
American Bitcoin has adopted the Nasdaq ticker ABTC, indicating it will merge with Griffon Digital Mining Inc.
