Trump family's wealth grew by $1.3B following ABTC and WLFI debuts: Report
The family of United States president Donald Trump grew their collective wealth by $1.3 billion this week amid the trading debut of mining company American Bitcoin (ABTC), and gains from World Liberty Financial (WLFI), a decentralized finance (DeFi) protocol linked to the Trump family.
World Liberty Financial has added $670 million to the Trump family’s net worth, and Eric Trump’s stake in ABTC, which he co-founded, was valued at over $500 million following the trading debut of ABTC on Wednesday, according to Bloomberg.
The calculation measured the family’s net worth using market prices on Wednesday when shares of ABTC shot up to a high of $14 before collapsing by over 50% to a low of 6.24.
Additionally, the $1.3 billion did not account for the roughly $4 billion in WLFI tokens held by the Trump family that are subject to lock-up periods.
Using current market prices and excluding the $4 billion in WLFI tokens, the family’s collective net worth stands at over $7.7 billion, according to the Bloomberg Billionaires Index.
The Trump family’s involvement in crypto has brought an air of legitimacy to the cryptocurrency industry in the US following years of anti-crypto policies under the previous administration.
However, the US president’s crypto ties have also invited scrutiny from Democratic lawmakers in the US, who say the First Family’s involvement in the crypto sector represents a conflict of interest.
Related: Trump family went pro-crypto after Biden ‘weaponized' banks: WSJ
American Bitcoin and World Liberty made high volatility trading debuts this week
World Liberty Financial made its trading debut on major crypto exchanges on Monday, unlocking 24.6 billion WLFI tokens for the launch, which saw an initial trading spike before token prices collapsed by over 40%.
American Bitcoin was relisted on US stock exchanges, following a merger with Gryphon Digital Mining, a publicly listed crypto mining company, on Wednesday.
Trading of ABTC’s stock was halted five times on Wednesday due to heightened volatility, which saw the stock soar to a high of $14 before collapsing to current prices of about $7.36 per share.
Magazine: Crypto traders ‘fool themselves’ with price predictions: Peter Brandt
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Cobie: Long-term trading
Crypto Twitter doesn't want to hear "get rich in ten years" stories. But that might actually be the only truly viable way.
The central bank sets a major tone on stablecoins for the first time—where will the market go from here?
This statement will not directly affect the Hong Kong stablecoin market, but it will have an indirect impact, as mainland institutions will enter the Hong Kong stablecoin market more cautiously and low-key.
Charlie Munger's Final Years: Bold Investments at 99, Supporting Young Neighbors to Build a Real Estate Empire
A few days before his death, Munger asked his family to leave the hospital room so he could make one last call to Buffett. The two legendary partners then bid their final farewell.
Stacks Nakamoto Upgrade
STX has never missed out on market speculation surrounding the BTC ecosystem, but previous hype was more like "castles in the air" without a solid foundation. After the Nakamoto upgrade, Stacks will provide the market with higher expectations through improved performance and sBTC.
Trending news
MoreCrypto prices
More
