The value of a Bitcoin company linked to the sons of U.S. President Donald Trump doubled in its initial public offering on the stock market on Wednesday, with their combined stake exceeding $1.5 billion.

Donald Trump Jr. and his brother Eric own about 20% of the Bitcoin mining company American Bitcoin Corp, whose shares rose to $14.52 on their first day of trading on Nasdaq before falling to $8.04 by the end of the day.

Asher Genut, CEO of American Bitcoin, stated that the brothers’ stake is estimated at $1.5 billion based on 908.6 million shares traded. The highest market cap reached $2.6 billion on Wednesday.

The Trump family has expanded its cryptocurrency ventures, including World Liberty Financial, which has generated approximately $500 million in profits since its launch last year.

Eric Trump dismissed conflict of interest criticisms, affirming that President Donald Trump has no involvement in these projects.

Eric Trump said, “Cryptocurrencies are booming. I would say that crypto now represents at least 50% of what I do,” highlighting his role as the official spokesperson for American Bitcoin.

He also traveled internationally this year to cities such as Dubai, Hong Kong, and Tokyo to garner foreign support for the crypto industry.

The company also announced plans to sell $2.1 billion worth of shares to use the proceeds to buy Bitcoin or mining equipment.