American Bitcoin, a Bitcoin-mining and treasury company backed by Eric Trump and Donald Trump Jr., made a volatile entrance on Nasdaq Wednesday, surging at open before retracing much of its gains.
The newly listed ticker ABTC jumped from $7.59 to $13.93 — a spike of more than 83% — within minutes of trading, before sliding back to about $9.26 by mid-session (roughly +34% on the day).
Price swings were extreme enough to trigger seven separate trading halts on Nasdaq as the market attempted to manage the volatility.
Ahead of the debut, the company filed with the SEC to offer up to $2.1 billion of Class A shares. Management says proceeds would be used to buy additional Bitcoin and expand mining capacity through new machinery.
American Bitcoin formed earlier this year when the Trump brothers merged their vehicle with Canadian miner Hut 8 (which holds an 80% stake), and the combined entity then merged with publicly traded Gryphon Digital Mining. The company currently reports holding 2,443 BTC (about $273.68 million at writing).
The listing comes amid a wave of crypto-related public offerings, helped in part by recent U.S. policy shifts viewed as more permissive toward digital-asset businesses. Notably, Gemini’s founders filed to take their exchange public this week as well.
Risk note: The episode underscores how quickly crypto-linked equities can move. Shares and digital assets are volatile; investors should consider market and regulatory risks before buying.
Source: Decrypt. Read the original coverage for full details.