Trump-backed Mining Company “American Bitcoin” Lists on Nasdaq

The company, which emerged in April, is a joint venture between US President Donald Trump’s two eldest sons and Hut 8, another Bitcoin miner.

Trading under the ticker “ABTC,” American Bitcoin will reportedly hold about 98 per cent of the resulting company, while investors who previously held stock in Gryphon Digital Mining “GRYP” will hold the remaining 2 per cent, according to the Wall Street Journal.

Shares of the newly formed company opened Wednesday morning at $9.21 and fell as much as 17 per cent in the first two minutes of trading, before recovering a staggering 74 per cent by 14:30 UTC.

In addition to mining the original cryptocurrency, American Bitcoin has adopted a treasury strategy, stockpiling about 2,443 BTC, valued at approximately $272 million at Wednesday’s prices. This positions ABTC as the 25th largest publicly listed Bitcoin treasury company, according to Bitcointreasuries.net.

“Our Nasdaq debut marks a historic milestone in bringing Bitcoin into the core of US capital markets and advancing our mission to make America the undisputed leader of the global Bitcoin economy,” Eric Trump told the Journal on Wednesday.

"American Bitcoin is going to be the greatest treasury company ever built,” he said.

Elder brother Donald Jr. added his own bold statements about the scope of the company:

"American Bitcoin embodies the values that define American strength: freedom, transparency, and independence," said Donald Trump Jr..

This comes just days after the Trump family’s crypto company World Liberty Financial launched a publicly tradable token, and a week after they announced they would develop a treasury company focused on the native token of the Cronos blockchain.