The Trump family made a killing, with American Bitcoin's stock price surging 16.5% on its debut.

The Trump family has officially entered the cryptocurrency industry. American Bitcoin Corp. (ABTC), founded by Donald Trump Jr. and Eric Trump, debuted on Nasdaq on Wednesday, becoming one of the most anticipated new Bitcoin mining stocks in recent memory.

The Trump family made a killing, with its stake valued at over $1.5 billion.
The stock hit an intraday high of $14.52 on its first day of trading and closed at $8.04, a 16.5% increase. Although trading volume of approximately 30.59 million shares was lower than the debuts of Circle and Bullish, market enthusiasm remained significant. ABTC's stock price rose further in after-hours trading, rising 5.1% to $8.45.

According to the listing documents, the company raised $2.1 billion, primarily to purchase Bitcoin and expand its computing power. American Bitcoin currently holds 2,443 bitcoins, with a market value of approximately $270 million. Based on the closing price, the Trump brothers' combined holdings of approximately 20% are worth nearly $1.573 billion.

Despite impressive performance, the family's involvement in the crypto business has raised questions about conflicts of interest. In response, Eric Trump emphasized that his father has no involvement in the company and that he serves more as a "spokesperson" for the company.