Trump-Backed Bitcoin Miner American Bitcoin Debuts on Nasdaq, Stock Surges

American Bitcoin, a new Bitcoin mining company supported by Eric Trump and Donald Trump Jr., officially made its debut on the Nasdaq this week. Trading under the ticker symbol ABTC, the stock saw a dramatic start, rising as much as 90% within the first hour of trading before giving back some gains and closing slightly lower by the end of the day.

The debut highlights the Trump family’s growing interest in the cryptocurrency market. It follows earlier ventures tied to Trump Media & Technology Group (DJT) and other digital asset projects.

Key Takeaways

• American Bitcoin (ABTC), backed by Eric Trump and Donald Trump Jr., debuted on the Nasdaq.
• The stock price jumped by 90% shortly after trading began before pulling back later in the session.
• The company was created through a merger between American Data Centers and Hut 8’s mining business.
• Eric Trump is serving as co-founder and chief strategy officer.
• The listing reflects the broader trend of public figures and institutional investors moving into the crypto sector.

The Nasdaq Listing and Market Reaction

American Bitcoin chose a different route to the stock market, avoiding a traditional IPO. Instead, the company entered the Nasdaq through a merger with Gryphon Digital Mining. Hut 8, a publicly traded Bitcoin miner, was central to the deal, trading its mining business for an 80% stake in the new company. As a result, Hut 8 and the Trump brothers together controlled about 98% of the ownership from the start, leaving little room for outside investors initially.

The strong early surge in ABTC’s share price demonstrated just how much attention a company tied to the Trump name can draw. The pullback later in the day, however, underscored the volatility that often comes with new market listings, especially in the cryptocurrency space. American Bitcoin has stated its plan to combine Bitcoin mining with direct market purchases in order to build a strategic reserve, aiming to grow its holdings more quickly than mining alone might allow.

The Broader Crypto Involvement of the Trump Family

The Nasdaq debut of American Bitcoin is not the Trump family’s first foray into digital assets. Trump Media & Technology Group (TMTG), which owns Truth Social, became public earlier this year after a merger with Digital World Acquisition Corp. (DWAC). That deal drew major attention from both markets and political observers.

Beyond media and mining, the Trump family has also stepped directly into token projects, including the TRUMP memecoin and the World Liberty Financial (WLFI) token. These efforts have raised some questions about potential conflicts of interest, though Eric Trump has described the family’s involvement as supportive. He has said the family “loves” the crypto community and wants to see the United States lead in Bitcoin adoption globally.

The Trump family’s activity comes as the broader crypto industry continues to expand, attracting political figures and large-scale investors alike. Bitcoin has been on a long-term growth path, fueling both retail and institutional interest. Other Bitcoin miners like Riot Platforms (RIOT) and Bit Digital (BTBT) are already listed on the Nasdaq. The entry of American Bitcoin, with its high-profile backing, is likely to add more attention and possibly more volatility to an already fast-moving sector.

Frequently Asked Questions

Q. What is Bitcoin mining?

A. Bitcoin mining is the process of creating new bitcoins by solving difficult math problems. These problems are solved by high-powered computers. Miners who solve the problems first are rewarded with new bitcoins.

Q. How does a company like American Bitcoin make money?

A. American Bitcoin makes money by mining new bitcoins and holding them. They also buy bitcoins when the market is good. The company’s value is tied to both the price of Bitcoin and its ability to mine it efficiently.

Q. How is this different from the Trump Media & Technology Group (DJT) stock?

A. Trump Media & Technology Group (DJT) is a media company that owns Truth Social. The new company, American Bitcoin (ABTC), is focused on the cryptocurrency and data center business. While both have ties to the Trump family, they are separate companies with different business models.

Q. Who else is involved in American Bitcoin?

A. Besides Eric and Donald Trump Jr., the company’s chairman is Asher Genoot, who also serves as the CEO of Hut 8. The company has also raised money from notable crypto investors like the Winklevoss twins, who founded the Gemini crypto exchange.