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.
‘Everybody Wants Bitcoin,’ Eric Trump Tells Asia Audience
Eric Trump, who described American Bitcoin as an attempt to create “the greatest Bitcoin company on Earth,” said the venture would mine and hold the cryptocurrency.
At the recent Bitcoin 2025 Asia conference in Hong Kong, he predicted that Bitcoin would eventually reach $1m.
“Everybody wants Bitcoin. Everybody is buying Bitcoin,” he said. “That’s why I’ve always said Bitcoin is going to hit $1 million. There’s no question.”
The company operates roughly 6,000 mining computers sourced from China, equipment now subject to import tariffs under his father’s trade policies.
Trump Media Raised $2.5B In May To Acquire Bitcoin
American Bitcoin has entered into a $2.1b controlled stock offering with investment banks including Cantor Fitzgerald and Mizuho Securities. The proceeds will be used to acquire more Bitcoin and upgrade mining technology.
The company was previously known as American Data Centers but rebranded in March through a joint venture with miner Hut 8. Its strategy mirrors that of MicroStrategy, recently renamed Strategy, which pioneered the model of corporate bitcoin accumulation. MicroStrategy’s market value has risen to about $110b on the back of its $71b Bitcoin holdings.
The Trump family has rapidly built a sprawling crypto empire. In May, Trump Media & Technology Group raised $2.5 billion to purchase bitcoin. Their ventures also include a non-fungible token trading card series, two memecoins, and the Truth Social Bitcoin ETF.
WLFI Trading Debut Further Expands Family’s Crypto Footprint
In August, World Liberty Financial, another Trump-linked group, announced plans to spend $1.5b to buy its own token through a publicly listed company. This week, WLFI began trading. At the end of last year, the president disclosed ownership of 15.75b tokens, a stake now valued at about $3.3b.
American Bitcoin’s sharp debut adds to the family’s growing exposure across the digital asset industry.
Their crypto ventures have drawn criticism from Democratic lawmakers and ethics experts. Even so, investors rushed into the stock on its first day. As a result, it has become one of the most closely watched debuts of the year.
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