American Bitcoin, a newly launched bitcoin mining and treasury company associated with Eric and Donald Trump Jr., made its debut on the Nasdaq on Wednesday under the ticker symbol ABTC. This listing marks the second crypto venture from the Trump brothers within the same week, spotlighting a growing involvement in the cryptocurrency sector.
Eric Trump, co-founder and chief strategy officer of American Bitcoin, characterized the company’s Nasdaq listing as a significant achievement in integrating Bitcoin into U.S. capital markets. In a press release, he stated, “Our Nasdaq debut marks a historic milestone in bringing Bitcoin into the core of U.S. capital markets and advancing our mission to make America the undisputed leader of the global Bitcoin economy.”
American Bitcoin originally emerged as a subsidiary of the publicly traded bitcoin mining firm Hut 8. Its shares commenced trading at $6.90 following a merger with Gryphon Digital Mining. The stock experienced a remarkable surge, climbing as much as 90% during its initial hour of trading, although it later settled to a more modest increase, showing a gain of over 40% by mid-morning in New York.
Notably, a substantial majority—98%—of American Bitcoin is owned by a tight-knit group including Eric and Donald Trump Jr., as well as Hut 8, according to reports by the Wall Street Journal. American Bitcoin’s executive chair and Hut 8 CEO, Asher Genoot, emphasized the strategic advantages of their model by stating, “By combining Bitcoin mining, opportunistic market purchases, and the backing of Hut 8’s energy and digital infrastructure, we have created a vehicle designed to drive rapid, efficient Bitcoin-per-share growth.”
Meanwhile, Bitcoin prices rallied to $111,500 per coin on the same day, marking a 19% increase year-to-date. The cryptocurrency has oscillated between $108,000 and $123,000 over the previous two months, reflecting ongoing volatility in the market.
The recent Nasdaq listing is part of a broader strategy by the Trump brothers to establish a foothold in crypto finance. Earlier in the week, World Liberty Financial, another crypto venture linked to Donald Trump’s family, launched its token on various exchanges. Following its debut, the token’s price experienced typical fluctuations, initially spiking before seeing a decrease of approximately 5% during the latest trading session, positioning it as the 27th largest cryptocurrency by market capitalization.
The involvement of the Trump family in World Liberty Financial was underscored by their role as founding members, although former president Donald Trump stepped back from active participation upon assuming office. Their influence extends through a shell corporation, DT Marks DEFI LLC, which holds about 22.5 billion World Liberty tokens—valued at approximately $4.8 billion at current market prices. This entity is also set to receive a significant share of trading revenues from these tokens, according to the initial planning documents of World Liberty.
Eric Trump has openly acknowledged the potential of cryptocurrency, branding it “probably the most rewarding venture of my entire life” at a recent bitcoin conference in Hong Kong. The family’s growing financial ties to the crypto space encompass an array of ventures, including the official meme coin TRUMP and various collaborations through Trump Media and Technology Group.
As the cryptocurrency landscape continues to evolve, the actions and investments of the Trump family are attracting increasing scrutiny and interest, illustrating a significant intersection of politics and digital finance.
