Crypto ventures have become an important driver of growth and potential windfall profits for the US president’s family
Shares in American Bitcoin, a bitcoin miner, soared as high as US$14.52 on its first day of trade on the Nasdaq, before pulling back to be up 16.5 per cent at US$8.04 by the end of the day.
The company was around 20 per cent owned by Eric Trump and Donald Trump Jnr, American Bitcoin executive chairman Asher Genoot said in a previous interview.
This values their stake in American Bitcoin at US$1.5 billion at the close of trade, based on 908.6 million outstanding shares that American Bitcoin said it had in a September 2 stock exchange filing. The highest price struck by the stock on Wednesday valued their stake at US$2.6 billion.
Crypto ventures have become an important driver of growth and potential windfall profits for the president’s family, where the family business – The Trump Organisation – had in the past focused on building and running real estate projects and golf courses.
