The Trump family’s collective wealth increased by US$1.3B (AU$1.97) this week following the trading debut of American Bitcoin (ABTC) and gains from World Liberty Financial (WLFI), according to Bloomberg.
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WLFI contributed US$670 million (AU$995 million) to the family’s wealth, while Eric Trump’s ABTC stake, valued at more than US$500 million (AU$742 million), gained after the company’s public listing on Wednesday. ABTC shares briefly reached US$14 (AU$20.76) before falling by over 50% to US$6.24 (AU$9.25).
The family’s WLFI holdings, worth more than US$4 billion (AU$5.94 billion), remain under lock-up and were excluded from Bloomberg’s net worth estimate. Even without those tokens, the Trump family’s wealth now exceeds US$7.7 billion (AU$11.43 billion).
The president’s involvement in the cryptocurrency industry has been viewed as a signal of legitimacy for the sector in the United States, as well as scrutiny over concerns that the First Family’s direct participation in crypto could pose “conflicts of interest”.
Crypto News Australia recently reported that Bruno Skvorc, an Ethereum 2.0 developer, claimed that WLFI refused to release his tokens. Similarly, billionaire and TRON founder Justin Sun also claimed his WLFI tokens were frozen.
WLFI launched Monday last week with a 24.6 billion token rollout, surging as fast as it dropped, over 40%. By Wednesday, WLFI kicked off a burn of 47 million WLFI tokens, around 0.19% of its 24.66 billion circulating supply, in an attempt to reduce volatility.
Since launch, WLFI has fallen 31% from US$0.331 (AU$0.49) to just over US$0.21 (AU$0.32) at press time. Trading volume surpassed US$1B (AU$1.49B) in the first hour of open-market activity, according to CoinMarketCap.
The Trump family’s estimated wealth increase on launch day reached as high as US$6B (AU$9B).
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The post Trump Family Nets $1.3B Boost from Bitcoin Ventures and DeFi Gains appeared first on Crypto News Australia.
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