A cryptocurrency company established this year went public on Wednesday, reaching a market capitalization of $548 million and significantly boosting the wealth of major shareholder Eric Trump. This represents one of the most notable examples of the First Family's profitable ventures in the cryptocurrency industry.
According to calculations, the younger son of President Trump holds approximately 7.5% of American Bitcoin Corp.'s shares. The company was founded using only another company's technology and a series of paperwork, and began trading on the NASDAQ exchange on Wednesday.
American Bitcoin's stock closed at $8.04 in New York, having more than doubled earlier in the trading session. The company stated it will engage in Bitcoin mining using machines located in New York, Alberta, and Texas, which are provided by another company called Hut 8 Corp.
"I am incredibly proud of American Bitcoin," Eric Trump said in a text message. "We are fully committed to this company, and today is just the beginning."
Representatives from American Bitcoin did not respond to requests for comment.
American Bitcoin underwent a series of complex transactions before its initial public offering, paving the way for Eric Trump and his brother Donald Trump Jr. to benefit as cryptocurrency gains mainstream favor again under their father's administration.
