Thriving Bitcoin Business Belongs to Trump Sons
In a surprising turn of events, the cryptocurrency sector has become an integral part of the Trump family's businesses. On Wednesday, American Bitcoin Corp, a Bitcoin mining company, went public on the Nasdaq, marking a significant expansion for the Trump Organization that was previously focused on real estate and golf courses.
The IPO of American Bitcoin Corp saw its shares temporarily more than double on the first day of trading, reaching a high of $14.52. At the closing price, the shares settled at $8.04, representing a 16.5% gain. This impressive debut has catapulted the combined stake of Eric Trump and Donald Trump Jr., who are approximately 20% shareholders in the company, to a worth of $2.6 billion at the highest share price.
Eric Trump, the CEO of American Bitcoin Corp and co-founder of the company, asserted that "crypto is exploding." However, the Trump family's involvement in the cryptocurrency sector has drawn criticism from Democratic lawmakers and government ethics watchdogs, with accusations of a conflict of interest due to the president's role in loosening regulation of the industry.
In response to the criticism, Eric Trump dismissed it as "crazy." He asserted that his father, President Trump, has no involvement in their cryptocurrency-related businesses. The specific cryptocurrency involved in this context was not specified in the article.
The Trump Organization's foray into the cryptocurrency sector now constitutes at least half of its activities. Eric Trump stated that the sector is "exploding" and expressed optimism about its future potential. American Bitcoin Corp, the Bitcoin firm backed by Eric Trump and Donald Trump Jr., is poised to play a significant role in this burgeoning industry.
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