The Trump brothers-backed company triggered seven separate trading halts due to price volatility on the Nasdaq.
Bitcoin News
American Bitcoin stock jumped over 83% during its Wall Street debut on Wednesday, racing from $7.59 to $13.93 before settling back to $9.26. The Trump brothers-backed company triggered seven separate trading halts due to price volatility on the Nasdaq.
The firm filed with the SEC to sell up to $2.1 billion worth of Class A common stock shares just before market opening. Proceeds from the sale will purchase more Bitcoin and mining machinery to expand operations.
Eric Trump and Donald Trump Jr. formed American Bitcoin through mergers with Hut 8, a Canadian mining firm, and Gryphon Digital Mining via a stock-for-stock exchange. Hut 8 retains an 80% stake in the joint venture, while the remaining 20% is controlled by American Data Centers.
The company operates as both a publicly traded Bitcoin treasury firm and an active mining operation. American Bitcoin currently holds 2,443 Bitcoin worth approximately $273.68 million at current prices.
Eric Trump serves as chief strategy officer and told Bloomberg the company mines Bitcoin at roughly $0.50 on the dollar compared to market price. The firm leverages hundreds of millions in hard assets and data centers to maintain substantial mining discounts.
Digital asset companies have performed well in recent Wall Street debuts thanks to the Trump administration's permissive regulatory environment. Tyler and Cameron Winklevoss filed on Tuesday to take Gemini public with a $2.3 billion target valuation.
The Trump brothers have significantly expanded their entrepreneurial profiles through crypto investments over recent months. Eric Trump's stake in American Bitcoin is valued at over $500 million following the successful debut, according to Bloomberg.
Donald Trump Jr. has invested in prediction platform Polymarket and joined its board while also holding shares in social media firm Thumzup. Both brothers are linked to World Liberty Financial, the DeFi project inspired by their father.
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