The Bitcoin mining company backed by two of Donald Trump’s sons soared to a $5 billion valuation after debuting on the stock market this week.

American Bitcoin completed its stock-for-stock merger with Gryphon Digital Mining, Inc. on September 3.

“We’re above $5 billion from a market cap perspective,” said Asher Genoot, executive chair of American Bitcoin’s board, in an interview with Fortune.

“You’ll get the exact numbers as the numbers flow through the Nasdaq,” he added.

The stock price increased 62.5 percent just hours after the company, American Bitcoin, launched on Wednesday - from $8 to $13 - before falling back to the $8 range just hours later.

American Bitcoin, a majority-owned subsidiary of Bitcoin mining firm Hut 8, was formed earlier this year after the latter company acquired the Trump brothers' American Data Centers business. Hut 8 moved all of its mining operations under the American Bitcoin name, with the acquired company set to be a major customer of Hut 8's data centers.

In the May merger announcement, American Bitcoin's co-founder, Eric Trump, along with his brother Donald Trump Jr. and Hut 8, said they would retain a combined 98 percent stake in the newly formed company, listed under the American Bitcoin stock ticker ($ABTC).

Hut 8 contributed the vast majority of its ASIC (application-specific integrated circuit) Bitcoin mining machines, in return for 80 percent of the stock.

“This transaction marks the next step in scaling American Bitcoin as a purpose-built vehicle for low-cost Bitcoin accumulation at scale,” said Genoot in May, when the merger was first announced.

“By taking American Bitcoin public, we expect to unlock direct access to dedicated growth capital independent of Hut 8’s balance sheet, while preserving long-term exposure to Bitcoin upside for our shareholders,” Genoot added.

The Nasdaq launch of American Bitcoin follows previous crypto ventures by the Trump family, which now extends to publicly-traded companies, as well as NFTs, cryptocurrencies, stablecoins, and an upcoming crypto lending and borrowing project.

The Trump family’s involvement in crypto ventures has raised ethical concerns regarding the potential for campaign funding to reach Donald Trump via indirect means.