Eric Trump and Donald Trump Jr.

(Bloomberg) -- Eric Trump’s stake in a crypto company created this year is now worth more than $600 million, in one of the most striking examples of how the first family is profiting from the digital-asset industry.

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Trump’s second-oldest son owns about 7.5% of American Bitcoin Corp., according to Bloomberg calculations. The company, formed with little more than another firm’s technology and a flurry of paperwork, began trading on the Nasdaq exchange on Wednesday.

Shares of American Bitcoin traded at $9.73 at 12:48 p.m. in New York, after more than doubling earlier in the session. The company says it will accumulate Bitcoin using machinery in New York, Alberta and Texas, provided by another crypto company called Hut 8 Corp.

“I am incredibly proud of American Bitcoin,” Eric Trump said in a text message, without commenting on the value of his shares. “We have put our heart and soul into the company and today is just the beginning.”

A representative for American Bitcoin didn’t respond to a request for comment.

American Bitcoin’s public market debut follows a roundabout series of transactions that paved the way for Eric Trump and his brother Donald Trump Jr. to gain anew from crypto’s mainstream embrace under their father’s administration.

It adds to a wave of crypto firms enlisting Trump’s sons in prominent roles. The two are among a group that owns 98% of the newly listed company, according to public filings.

The Trump family’s more than $6.4 billion fortune is expanding with a variety of new crypto projects. While Eric Trump’s wealth is not broken out individually in the Bloomberg Billionaires Index, his stake in American Bitcoin is worth more than the value of a collection of 13 different Trump golf and resort properties, according to the Index.

American Bitcoin’s listing came about in less than a year. It was spun from a newly created entity called American Data Centers, set up by a small investment bank called Dominari, which the Trumps also advise. It then received mining equipment from Hut 8 in exchange for a majority stake in the new company.

American Bitcoin said it would merge with Gryphon Digital Mining Inc., which changed its name and ticker to ABTC on the Nasdaq.

The firm’s market capitalization stood at more than $8.2 billion on Wednesday. It booked net income of $3.4 million on $30.3 million of revenue in the three months ending in June.

President Trump became a high-profile champion of crypto on the campaign trail, and its most powerful advocate while in office. He signed legislation that helped legitimize a certain class of cryptocurrency, created a national stockpile of virtual assets and added regulators who’ve been friendlier to the industry, ending investigations of big digital asset companies.

(Adds additional details on Trump family’s wealth in eighth paragraph.)

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