Update, September 3, 2025, 5:00 p.m.: A previous version of this article estimated that Eric Trump holds 367 million shares of American Bitcoin. After accounting for a reverse stock split, Forbes revised that estimate to 73 million shares. Values published throughout Wednesday have also been updated to reflect prices at the close of business.
The Trump family’s crypto bonanza keeps getting bigger. Eric Trump, the president’s second son, became a billionaire after shares of American Bitcoin, his cryptocurrency mining company, skyrocketed in their market debut Wednesday morning, making his stake worth an estimated $950 million at its peak.
Eric Trump, listed in a press release as the company’s co-founder and chief strategy officer, holds 73 million shares, Forbes estimates, based on an analysis of documents filed with the Securities and Exchange Commission. Investors traded shares at $8.04 by the end of the trading session Wednesday, giving Eric an estimated personal stake of $590 million, worth more money than any of his family’s individual real estate holdings.
“What a morning!!” he posted on X as the stock ripped early in the trading session, appending two fire emojis.
Investors seem to be bidding up the shares more on expectations than reality. American Bitcoin’s business centers around mining and stockpiling cryptocurrency, a process that requires setting up computers to solve puzzles that unlock Bitcoin. The firm, with facilities in energy-rich Texas, Alberta and Niagara Falls, New York, purchased more than 16,000 Bitcoin-mining machines in August. As of September 1, it holds 2,443 Bitcoin, worth about $275 million at today's prices. Almost all of American Bitcoin’s stockpile, however—2,234 Bitcoins—were pledged to the company that provided its computers. Despite that, American Bitcoin, which reported having just two full-time employees in September, is now valued at an estimated $7.3 billion.
Eric’s older brother, Don Jr., also has a hand in the business. Don Jr. was one of several people who signed an agreement attached to the prospectus on behalf of American Bitcoin, identifying himself as an investor. The documents do not list his stake, likely because he is not an executive or board member.
The brothers have been on a dealmaking tear lately. They helped push their father into the crypto world with World Liberty Financial, a project that got off to a slow start last year but has taken off since the 2024 election. The venture has now sold an estimated $1.4 billion of tokens, with a large cut of the proceeds—initially about 75%—flowing to the first family.
Earlier this year, World Liberty Financial launched the USD1 stablecoin, a cryptocurrency that tracks the U.S. dollar. It got a boost when a firm tied to the president of the United Arab Emirates decided to use it to invest $2 billion in a crypto exchange. The president also undoubtedly helped the value of the stablecoins when he signed a law in July outlining a regulatory framework for them, prompting cheers from the industry in which he is now a major player.
Eric and Don Jr. have also been busy with deals on the ground, expanding the family licensing business with new agreements in Saudi Arabia, the United Arab Emirates and Romania. Licensing revenue jumped from an estimated $7 million in 2023 to $45 million last year.
Outside the family business, they also joined the advisory board of Dominari Holdings, a financial firm assisting them with other investment deals. In August, Dominari helped them set up New America Acquisition I Corp, a special purpose acquisition company aiming to raise $300 million that’s on the hunt for merger targets in tech, healthcare or logistics. Their shares in Dominari are now worth over $7 million each.
Trump Jr. also took a board seat at online firearms retailer GrabAGun, which began trading under the ticker symbol “PEW” in July. He serves as an advisor to drone manufacturer Unusual Machines. His shares of those companies are now worth over $4 million, Forbes estimates.