Trump's oldest sons' American Bitcoin stake worth $1.5 billion in stock debut

NEW YORK (Reuters) -A bitcoin company tied to President Donald Trump's two oldest sons more than doubled in value in its stock market debut on Wednesday, valuing the sons' stake at well over $1.5 billion as the first family grows their crypto business interests.

Shares in American Bitcoin Corp, a bitcoin miner, soared as high as $14.52 in its first day of trade on the Nasdaq, before pulling back to be up 16.5% at $8.04 by the end of the day.

The company is around 20% owned by Eric Trump and Donald Trump Jr, American Bitcoin Executive Chairman Asher Genoot said in a previous interview.

This values their stake in American Bitcoin at $1.5 billion at the close of trade, based on 908.6 million outstanding shares that American Bitcoin said it had in a September 2 stock exchange filing. The highest price struck by the stock on Wednesday valued their stake at $2.6 billion.

https://finance.yahoo.com/news/trumps-oldest-sons-american-bitcoin-233906268.html

It won't be worth shit soon. My guess is they're hyping it then dumping it.