American Bitcoin, the cryptocurrency mining company co-founded by Eric and Donald Trump Jr., experienced a turbulent first day of trading on the Nasdaq exchange. The stock ended Wednesday up 16.52% after wild price swings that triggered multiple trading halts.
The company went public through a merger with existing Bitcoin mining firm Gryphon Digital Mining. Shares opened under the ticker ABTC and immediately attracted heavy trading interest from investors.
Trading was halted five times throughout the day as prices swung dramatically. The stock peaked at $13.20, representing a 91% gain from Gryphon’s Tuesday closing price of $6.90, before falling to an afternoon low of $6.72.
By market close, ABTC shares settled at just over $8. After-hours trading pushed the price up another 5% to $8.45, showing continued investor interest.
The extreme volatility prompted the Nasdaq to implement multiple trading halts as a circuit breaker measure. These automatic pauses are designed to give markets time to digest news and prevent excessive price movements.
Eric Trump serves as the company’s co-founder and strategy chief. He told Bloomberg that the public launch represented “an unbelievable day and a lot of hard work that’s finally come to fruition.”
American Bitcoin plans to pursue a dual approach to building its Bitcoin reserves. Eric Trump explained that the company will switch between mining Bitcoin and purchasing it directly based on market conditions.
“There’s only a certain amount of Bitcoin that can be mined every day, and we’re going to harness that to the absolute fullest,” he said. The company will also “go out and purchase Bitcoin” when that strategy provides better value for shareholders.
The firm currently holds 2,443 Bitcoin, making it the 25th-largest holder among publicly traded companies. With Bitcoin trading around $111,850, this stash is valued at approximately $273 million.
This marks the Trump family’s second cryptocurrency venture to reach public markets this week. World Liberty Financial tokens began trading on Monday after the project unlocked about 25% of its total token supply.
The WLFI token has declined 30% from its initial trading price and dropped over 7% in the past 24 hours to around 21 cents. The Trump family owns nearly 25% of all WLFI tokens through a related company.
Eric Trump addressed criticism about profiting from his father’s crypto-friendly policies, calling such concerns “totally illegitimate.” He stated that President Trump “has nothing to do with this business.”
Bloomberg estimates Eric Trump’s stake in American Bitcoin at roughly 7.5%, which would be worth about $548 million based on current valuations. The company represents the latest example of crypto firms using mergers to access public markets without traditional IPO processes.
The post Trump’s Bitcoin Mining Stock American Bitcoin Rockets 91% Then Crashes on Chaotic First Day appeared first on CoinCentral.
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