Eric Trump became a billionaire after the debut of American Bitcoin shares — a mining company he founded, reports Forbes. The stock price soared on the first day of trading, raising the value of his stake to $950 million.
The growth of the president's family's wealth
Eric owns 73 million shares of American Bitcoin, serving as co-founder and chief strategy officer. According to analysis by the Securities and Exchange Commission (SEC), by the end of Wednesday's trading session, the shares were trading at $8.04 each. This gave Eric a stake worth about $590 million — more than any single property owned by the family.
"What a morning!" he wrote on social media X when the stocks sharply went up, adding two enthusiastic emojis.
Investors buy stocks more out of expectations than real results. American Bitcoin is engaged in mining and accumulating bitcoins — a process that requires setting up computers to solve mathematical problems that unlock access to new coins. The company has facilities in energy-rich Texas, the Canadian province of Alberta, and Niagara Falls in New York.
Modest assets, high valuations
In August, the firm acquired more than 16,000 mining devices. As of September 1, the company owned 2,443 bitcoins $BTC worth about $275 million at current prices. However, almost all of the holdings — 2,234 bitcoins — are pledged to the equipment supplier.
Despite having only two full-time employees in September, American Bitcoin is now valued at $7.3 billion.
Eric's older brother, Donald Trump Jr., is also involved in the business. He signed an agreement on behalf of American Bitcoin as an investor, although the documents do not disclose the size of his stake — likely because he does not hold executive positions.
The Trump family's cryptocurrency empire
The brothers are actively closing deals. They helped their father enter the crypto sphere through the World Liberty Financial project, which slowly started last year but gained momentum after the 2024 elections. The project sold tokens worth $1.4 billion, with most of the revenue — initially about 75% — going to the first family.
At the beginning of this year, World Liberty Financial launched a stablecoin $USD1 , pegged to the US dollar. The coin gained momentum when a company linked to the UAE president decided to use it for a $2 billion investment in a cryptocurrency exchange. The president also helped stablecoins by signing a law in July that provided a regulatory framework for them, which received approval from the industry, where he is now a major player.
Eric and Donald Jr. are expanding the family licensing business with new agreements in Saudi Arabia, the UAE, and Romania. Licensing revenues grew from $7 million in 2023 to $45 million last year.
The Trump family is rapidly increasing its presence in the crypto industry, leveraging political connections and business activity. The success of American Bitcoin shows how investors are willing to bet on projects associated with the presidential family, even with limited operational results.
