Trump family-backed Bitcoin firm American Bitcoin Corp soared 102% in its Nasdaq debut to an intraday high of $14 before settling at $8.04 at market close on Wednesday.

The firm, co-founded by Eric Trump and Donald Trump Jr., began trading under the ticker “ABTC” after merging with Gryphon Digital Mining. Eric Trump’s 7.5% stake in the firm was valued at roughly $548 million after the firm’s listing. 

This story is an excerpt from the Unchained Daily newsletter.

American Bitcoin operates a hybrid model, combining its own bitcoin mining with a strategy of holding bitcoin as a treasury asset, having already accumulated over 2,400 BTC worth $269 million at current prices.

Earlier this week, the Trump family’s wealth extended by $5 billion after the trading debut of WLFI, the token linked to the family’s DeFi project World Liberty Financial.