American Bitcoin, the cryptocurrency mining venture backed by Eric Trump and Donald Trump Jr., has made its highly anticipated debut on the Nasdaq under the ticker ABTC.
The listing comes amid a surge of interest in digital assets and coincides with the Trump family’s broader expansion into the cryptocurrency ecosystem.
American Bitcoin’s Nasdaq debut sparks investor excitement
The Trump-backed firm saw its shares jump more than 50% to a high of $14.00 immediately after opening on the Nasdaq, reflecting strong investor demand.
Although the stock price has pulled back to around $9.45, it is still 36.96% higher than its listing price.
The formation of American Bitcoin followed several mergers, beginning with a partnership with Hut 8 in March of this year.
Hut 8 contributed its Bitcoin mining division in exchange for an 80% ownership stake in the new venture.
This strategic alignment allowed American Bitcoin to combine mining operations with a treasury-focused approach, strengthening its foothold in the cryptocurrency market.
In June, American Bitcoin raised $220 million in a combination of cash and Bitcoin from investors, including prominent figures such as the Winklevoss twins, Cameron and Tyler.
The funds were deployed to acquire additional Bitcoin and mining infrastructure, reinforcing the company’s long-term strategy of scaling both its treasury holdings and production capabilities.
The company also completed a merger with Gryphon Digital Mining last week, which allowed Gryphon shareholders to take a small stake in the newly listed entity while giving the Trump brothers and their partners nearly complete control over the company.
Eric Trump and Donald Trump Jr., alongside cryptocurrency miner Hut 8 and other stakeholders, now hold approximately 98% of American Bitcoin.
American Bitcoin’s balance sheet shows that it currently holds around 2,443 Bitcoin, adopting a corporate treasury strategy modelled after industry leaders like Michael Saylor’s MicroStrategy.
The company aims to gradually increase its holdings, with ambitions to become one of the largest corporate Bitcoin treasuries in the world.
The expanding Trump crypto empire
The Nasdaq listing comes as part of a broader push by the Trump family into the cryptocurrency space.
Alongside American Bitcoin, the family’s ventures include World Liberty Financial, which recently launched its WLFI token, and a stablecoin named USD1.
The Trump family also promotes a meme coin, TRUMP Coin, highlighting their interest in leveraging crypto for both financial growth and public engagement.
Donald Trump Jr. has emphasised that these ventures provide an alternative to traditional banking, citing experiences of “debanking” that the family encountered.
Through these initiatives, the Trump family aims to offer decentralised financial services to a wider audience while also establishing itself as a significant player in the digital asset ecosystem.
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