American Bitcoin, a new cryptocurrency mining venture supported by Eric and Donald Trump Jr., made its debut on Nasdaq on Wednesday under the ticker symbol “ABTC.”
Initially launched as a subsidiary of Hut 8, a publicly traded Bitcoin mining firm, American Bitcoin began trading at $6.90 per share following an all-stock merger with Gryphon Digital Mining.
The ABTC stock experienced a remarkable surge, rising as much as 90% toward its current record of $14.52 in its first hour of trading, although it later settled to over a 40% increase, trading at $9.21 per share.
Asher Genoot, executive chair of American Bitcoin and CEO of Hut 8, stated that the company aims to foster rapid growth in Bitcoin shares by leveraging its mining capabilities and Hut 8’s robust energy and digital infrastructure.
The WLFI token experienced typical market reactions, spiking initially toward a new record of $0.47 before stabilizing close to its listing price between $0.20 and $0.22 for the last few days.
Current valuations suggest that their holdings in World Liberty Financial tokens could be worth around $5 billion, positioning them as one of the family’s most valuable assets.
Eric Trump recently remarked that crypto has been “probably the most rewarding venture of my entire life,” reflecting his enthusiasm for the digital currency landscape.
At the time of writing, Bitcoin is trading at $112,159, marking a modest 1% increase within the last 24 hours. Compared to the cryptocurrency’s record price of $124,100, the current price is 9% lower.
Featured image from DALL-E, chart from TradingView.com
