Shares in the Trump family’s latest cryptocurrency made its stock market debut Wednesday, triggering more ethical concerns as the Trumps look to cash in on crypto as the president’s administration weakens regulations for the nascent industry.
American Bitcoin, a firm co-founded this spring by Eric Trump, the president’s son, saw its share price climb as much as 39% by early afternoon to about $9.60.
It ended the day at $8.04, lower than its opening price of $9.22.
According to a release, the company is set up to accumulate bitcoin through computer “mining” of the cryptocurrency, as well as “opportunistic bitcoin purchases.” By owning a share of American Bitcoin, investors are betting that the company will be able to grow its bitcoin holdings faster than competitors. It also assumes bitcoin’s price will keep going up.
American Bitcoin’s stock debut is renewing ethics concerns about the Trump family’s ability to…
