The wealth of U.S. President Donald Trump's family increased by $1.3 billion this week, thanks to the trading debut of mining company American Bitcoin (ABTC) and the earnings from the decentralized finance (DeFi) protocol World Liberty Financial (WLFI) associated with the Trump family.
According to Bloomberg, World Liberty Financial added $670 million to the Trump family's net worth, while Eric Trump's stake in the co-founded ABTC was valued at over $500 million after ABTC's trading debut on Wednesday.
The calculation used Wednesday's market prices to measure the family's net worth, when ABTC's stock price soared to a high of $14, then plummeted more than 50% to a low of $6.24.
Additionally, the $1.3 billion does not account for the approximately $4 billion in WLFI tokens held by the Trump family, which are subject to a lock-up period.
According to the Bloomberg Billionaires Index, using current market prices and excluding the $4 billion in WLFI tokens, the family's collective net worth exceeds $7.7 billion.
The Trump family's involvement in cryptocurrency has brought legitimacy to the U.S. cryptocurrency industry, which has faced years of challenges under the previous administration's anti-crypto policies.
However, the U.S. president's cryptocurrency connections have also drawn scrutiny from Democratic lawmakers, who argue that the first family's participation in the cryptocurrency industry represents a conflict of interest.
World Liberty Financial began trading on major cryptocurrency exchanges on Monday, unlocking 24.6 billion WLFI tokens, and after an initial surge in trading, the token price plummeted by over 40%.
American Bitcoin was relisted on U.S. stock exchanges on Wednesday after merging with publicly traded cryptocurrency mining company Gryphon Digital Mining.
ABTC stock trading was halted five times on Wednesday due to high volatility, with the stock price soaring to a high of $14 before crashing to around $7.36 per share.
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Original: “Reports say Trump family's wealth grew by $1.3 billion due to ABTC trading debut and WLFI earnings”
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