'Trump family' American Bitcoin doubles on Nasdaq debut

JH Kim

Summary

Bloomberg reported that American Bitcoin's shares more than doubled on their Nasdaq debut.
Eric Trump and Donald Trump Jr. participated as major shareholders, and the two were reported to hold 98% of the total shares.
American Bitcoin focuses on Bitcoin mining as its core business and said it will use Hut 8's equipment to pursue a virtual asset accumulation strategy.

Shares of American Bitcoin, a Bitcoin (BTC) mining company in which U.S. President Donald Trump's eldest son Donald Trump Jr. and his second son Eric Trump participate as major shareholders, more than doubled on its Nasdaq listing debut.

On the 3rd (local time), Bloomberg reported that American Bitcoin's shares surged at the start of trading to $14.52. The company plans to accumulate bitcoin using mining equipment operated in New York, Alberta, and Texas, and the equipment is provided by Canadian virtual asset (cryptocurrency) company Hut 8.

Eric Trump is the chief strategy officer (CSO) of American Bitcoin and is part of the major shareholder group that, along with Donald Trump Jr., holds 98% of the shares. According to disclosure documents, Eric Trump holds about 9.3% of the shares.

American Bitcoin was spun off from the American Data Center, which was established under investment bank Dominari, and secured mining equipment through a share transaction with Hut 8. It then merged with the listed company Gryphon Digital Mining Inc., entering the Nasdaq market under its current name and ticker (ABTC).

President Trump is regarded as a prominent figure who has supported the virtual asset industry during his term. His two sons actively attend global virtual asset events and support American Bitcoin's growth strategy.