Daniel Ceng/Associated Press

Eric Trump, who has been managing his father’s business for nine years now, does not own a stake in any of the real estate for which the Trump Organization is known. He did, however, inherit something even more valuable. Over the last year, Donald Trump has offered a masterclass in turning political fame into personal fortune. Eric has proven to be the best student and is now worth an estimated $400 million, more than any of his siblings.

The biggest single chunk of his fortune is a stake in American Bitcoin, a company that mines and holds cryptocurrency. As of the end of September, it had 3,418 Bitcoin on hand, worth about $320 million at today’s prices. The market cap of American Bitcoin now sits at over $2 billion, valuing Eric’s 7.3% stake at about $160 million. “We have massive aspirations to be the absolute best crypto company on Earth,” Eric boasted on television in early September. “I think you know how hard we all charge—we’re pretty known for that—and we’re having a lot of fun doing this.”

It’s difficult not to have fun when you’re making millions of dollars, and American Bitcoin is hardly the only valuable venture on Eric’s mind. His share of World Liberty Financial, which his father launched alongside sons Eric, Donald Trump Jr. and Barron shortly before the election last year, has netted him an estimated $135 million. Combined with a few other new assets, the two crypto ventures have boosted Eric’s net worth to ten times where it sat on the eve of his father’s return to the White House.

Reached for comment, Eric disputed the valuation but declined to explain why.

Eric’s American Bitcoin windfall began as American Data Centers, an opaque venture that he launched with his older brother in February. Just over a month later, ADC effectively merged with Hut 8, a Bitcoin mining operation, to create American Bitcoin. In May, American Bitcoin announced a merger, completed in early September, with Gryphon, a publicly traded crypto mining company. The overarching goal is to set up enough computers to solve the puzzles that unlock Bitcoins for as cheaply as possible, then watch the company’s stockpile grow ever larger.

The combined operation arrived on the public markets on Sept. 3 with a new ticker symbol, ABTC. It hit a high of $14.52 per share, which made Eric’s estimated 68 million shares worth just about $1 billion on paper. But the hype quickly died down—ABTC closed at $8.04 that day. Then it kept sliding, including a drop of 42% this week to $2.39 per share. Eric chalked the most recent drop up to the unlocking of private placement shares for some early investors. “I’m holding all my @ABTC shares—I’m 100% committed to leading the industry,” he posted on X, formerly Twitter.

When Forbes valued the Trump family in mid-September as part of the annual Forbes 400 rankings, Eric was worth an estimated $750 million, about $500 million of which was his American Bitcoin stake. That’s down dramatically now, but still leaves him vastly richer than last year. And the success of World Liberty Financial has padded Eric’s pockets with even more crypto cash. His father controls 70% of the family’s stake in the company, according to his most recent financial disclosures. Assuming the remaining 30% is split between Eric, Don Jr. and Barron—all of whom are listed as cofounders—Forbes estimates that Eric would have received about $80 million in cash after taxes from sales of the coins, plus $36 million of his own tokens and $19 million of USD1, World Liberty’s stablecoin business.

It all combines to dwarf Eric’s original source of income, his work for the Trump Organization, which he first joined in 2006. Before crypto swelled his coffers, Forbes estimated that he drew a nearly $3 million salary and accumulated over $30 million in liquid assets. Over the years, he has plowed some of that cash into real estate, and today owns a $7 million home in Jupiter, Florida; a $4 million penthouse in Manhattan and two other properties in New York state. Rounding out his net worth are over $5 million in shares of Dominari Holdings, an opaque financial firm with offices in Trump Tower that has facilitated many of Eric’s and his older brother’s recent ventures, including a recently set up special purpose acquisition company on the hunt for a merger target.

With his father back on top of American politics, Eric has benefitted from renewed foreign interest in deals with the Trump Organization. Last year, he hauled in an estimated $3.2 million from new licensing deals in Dubai, Saudi Arabia and Vietnam, and his father’s financial disclosures for this year will no doubt show plenty more flooded in thanks to recently announced deals in Qatar, India, Romania and the Maldives. Forbes pegs the value of Eric’s licensing and management business at about $34 million. Meanwhile, his wife Lara, who worked for the Trump campaign and co-chaired the Republican National Committee, recently locked down a weekend primetime slot on Fox News—which, if it pays anything like Fox weekend host-turned-Defense Secretary Pete Hegseth’s job, probably earns her over $2 million annually.

With hundreds of millions now in the bank, Eric is hinting at following his father’s blueprint in more ways than just financial ones, even teasing a possible future presidential run in an interview with Nikkei Asia. But for now, crypto is his glide path to more permanent billionaire status. “We’re incredibly fortunate in life with or without this endeavor,” he said of American Bitcoin the day of its launch. “But we want to win.”

With reporting by Dan Alexander.