There is no brake on the progress of the Trump family in the crypto world. ., A crypto mining company backed by the eldest children of President Donald Trump, shot this Wednesday in his stock debut at Nasdaq. The firm’s actions reached 110% although they then moderated their progress and closed with a rise of 16.5%. However, after a successful premiere, the company has deleted the increases lived in the first session and its titles have retreated 20.27%. The company has announced that it will accumulate cryptocurrency units using Bitcoin mining machinery located in New York, Alberta and Texas, and supplied by another crypto company, HUT 8 Corp.
They are shareholders and the first one also holds the position of director of strategy of the firm. The two brothers have around 20% of the company, as said in an interview Asher Genoot, executive president of American Bitcoin. This valued its participation at 1.5 billion dollars at the close of the first session, according to Reuters, after the collapse, it is valued at 1,164 million dollars.
The company’s IPO was fast and was completed in less than a year. American Bitcoin was born as a spin-off From American Data Centers, a newly created entity promoted by a small investment bank called Dominari, which the Trump also advise. Subsequently, American Bitcoin received Hut 8 mining teams in exchange for a majority participation in the new company. Finally, he announced his fusion with Gryphon Digital Mining Inc., a little known company that was quoted on the stock market, which absorbed American Bitcoin and changed his name and ticker to become abtc in Nasdaq.
The firm received the support of several investors. Among them, the brothers Tyler and Cameron Winklevos, celebrated Trump donors and thanks to Bitcoin, although the exact amount is unknown. The twins, who entered the crypto business more than a decade, presented on Tuesday the brochure for the IPO of their exchange Crypt Gemini, which also seeks to debut with an assessment of 1,880 million.
This has been a week of strong emotions for the Trump family. On Monday, on a day in which Wall Street remained closed by the celebration of Labor Day in the US, the one issued by the homonym founded by the Trump family was premiered in the Crypto market, although that debut has not been as successful as its promoters and part of the market were expected.
President Trump became a high profile defender of cryptocurrencies during the electoral campaign, and in his largest ally since he has returned to the White House. With its executive orders, it promoted the creation of a Bitcoin reserve and another of digital assets, accelerated the development of a crypto market legislation and reconfigured regulatory agencies, with more favorable appointments to the industry, which ended dozens of investigations against large crypto companies, which had been under the magnifying glass of the supervisors in the previous mandate.
In this way, the president raided the way for his children, Eric Trump and Donald Trump Jr. to do business with the crypto industry. In fact, they appeared in cryptocurrency conferences worldwide to show their support and interest towards these assets, for example in Dubai, Hong Kong and Tokyo. In addition, agreements with different companies in the sector through the family crypto platform, World Liberty Financial.
Those in cryptocurrencies have raised criticism of democratic legislators and government ethical control agencies for possible conflicts of interest. The most critical indicate that the Trump family is obtaining benefits from the crypto sector at the same time that the President makes the regulation and supervision of the industry more flexible.
