Trump Family’s Wealth Surges by $1.3 Billion Amid Crypto Moves

The Trump family’s wealth jumped by $1.3 billion this week, largely driven by the trading debut of American Bitcoin (ABTC), a mining company co-founded by Eric Trump, and gains from World Liberty Financial (WLFI), a DeFi protocol associated with the family. 

According to Bloomberg, these developments have significantly boosted the Trump family’s net worth, with WLFI contributing $670 million and Eric Trump’s stake in ABTC valued at over $500 million after the stock’s debut on Wednesday.

ABTC and WLFI Spark Wealth Gains for Trump Family

The calculation of the Trump family’s net worth was based on market prices on Wednesday, when ABTC shares surged to a high of $14 before plunging by more than 50% to $6.24 per share. These fluctuations illustrate the heightened volatility that has accompanied the company’s return to U.S. exchanges following its merger with Gryphon Digital Mining, a publicly listed crypto mining firm.

ABTC’s relisting attracted considerable attention, with trading halted five times in a single day due to sharp price swings. Despite these interruptions, Eric Trump’s stake was valued at over $500 million at its peak.

WLFI’s debut on major crypto exchanges earlier in the week also stirred investor interest. The launch saw 24.6 billion WLFI tokens unlocked, initially pushing prices higher before they crashed by more than 40%. Even after accounting for these drops, WLFI added $670 million to the Trump family’s wealth.

It’s important to note that the $1.3 billion increase in net worth does not account for the roughly $4 billion in WLFI tokens held by the family that are subject to lock-up periods. Excluding those locked assets, the family’s total net worth is estimated to be over $7.7 billion according to the Bloomberg Billionaires Index.

Crypto Legitimacy Meets Political Scrutiny

The Trump family’s involvement in crypto has been a double-edged sword. On one hand, their participation has lent a sense of legitimacy to the U.S. cryptocurrency market, which faced skepticism and regulatory hurdles during the previous administration’s tenure. Their entry into the space signals growing mainstream acceptance.

However, their crypto ventures have also drawn criticism from Democratic lawmakers. Concerns have been raised over potential conflicts of interest, with critics arguing that the First Family’s deep ties to the crypto industry could compromise regulatory oversight.

As the Trump family’s crypto holdings continue to make headlines, market watchers are closely monitoring both the financial implications and the political ramifications of their involvement in the fast-evolving digital asset space.