Eric Trump's crypto miner lists on Nasdaq, and Forbes says the debut made him a billionaire
American Bitcoin, the crypto-mining company Eric Trump co-founded, began trading on Nasdaq on September 3, 2025. Forbes valued his stake at $590 million at the close, down from an estimated $950 million at the day's peak.
What happened
American Bitcoin completed its stock-for-stock merger with Gryphon Digital Mining and began trading on Nasdaq on September 3, 2025. Eric Trump is co-founder and chief strategy officer; Donald Trump Jr. is a stockholder; Hut 8 owns a majority. The shares opened at $9.22, rose as much as 39% to about $9.60 and closed at $8.04. Forbes estimated from SEC filings that Eric Trump holds about 73 million shares, worth $590 million at the close, more than any of his family's individual real estate holdings; the filings do not list Donald Trump Jr.'s stake. The company reported just two full-time employees, yet Forbes put its value at an estimated $7.3 billion. A stake's market value is paper value, not money received, so it is not counted.
Why it matters
The president's administration is weakening crypto regulation, and his son's crypto company went public into it: Forbes says the debut made Eric Trump a billionaire. "There's no question there's a conflict of interest here," said Virginia Canter, chief counsel for ethics and anticorruption at Democracy Defenders Action. The White House said neither the president nor his family "have ever engaged, or will ever engage, in conflicts of interest."
Sources
Forbes; NBC News; American Bitcoin (PR Newswire), nbcnews.com, prnewswire.com, web.archive.org