The Trump family fortune soared this week amid heightened volatility, but the price of ABTC and WLFI have since retraced by double-digits.
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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 .
The calculation measured the family’s net worth using market prices on Wednesday when shares of ABTC before collapsing by over 50% to a low of 6.24.
Additionally, the $1.3 billion did not account for the roughly 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, 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 in the US, who say the First Family’s involvement in the crypto sector represents a conflict of interest.
Related:
World Liberty Financial made its trading debut on major crypto exchanges on Monday, for the launch, which saw an initial trading spike before token prices .
American Bitcoin was relisted on US stock exchanges, following a , 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.
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