American Bitcoin, a bitcoin mining and treasury company backed by President Donald Trump’s two eldest sons, Eric Trump and Donald Trump Jr. made its market debut today on the Nasdaq, marking a striking expansion of the Trump family’s footprint in cryptocurrency.
The company’s listing, under the ticker ABTC, follows a merger with Gryphon Digital Mining. Eric Trump, who serves as co-founder and chief strategy officer, hailed the Nasdaq debut as a “historic milestone in bringing bitcoin into the core of U.S. capital markets.”
“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,” he said in a press release statement.
It’s the second crypto venture listing for the Trump brothers this week. American Bitcoin began trading at $6.90 per share through an all-stock merger with Gryphon Digital Mining
The debut is emblematic of a broader shift among public companies moving to integrate bitcoin into their corporate strategies; a trend fueled by today’s near-record cryptocurrency valuations. American Bitcoin plans to combine “self-mining operations and opportunistic bitcoin purchases” as part of its differentiated strategy.
American Bitcoin emerged from a merger involving Hut 8, Gryphon Digital Mining, and the Trump family-linked enterprise. Post-merger, Eric Trump, Donald Trump Jr. and Hut 8 together control approximately 98% of the new entity, according to the Wall Street Journal. Hut 8 remains a dominant investor, holding a substantial interest.
“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,” American Bitcoin executive chair and Hut 8 CEO Asher Genoot said in a statement.
To create the Trump-backed Bitcoin mining company, Hut 8 contributed the vast majority of its Bitcoin mining ASICs, or specially designed computer chips, in exchange for 80% of the new company’s stock. Hut 8 will focus its remaining operations on building out its data center business, which includes hosting computer chips to power AI.
The company’s ambitions are clear: to become a major player in pure-play bitcoin mining, with an estimated market value near US$9 billion. Today’s trading saw a surge in investor interest. American Bitcoin’s stock climbed roughly 15% on its first day of trading, echoing the bullish sentiment in crypto equities.
This listing coincides with a flurry of other high-profile Trump-family crypto initiatives, including the launch of the WLFI token by World Liberty Financial and an expansive $6.4 billion digital asset treasury tied to Trump Media & Technology Group (TMTG).
In another notable development, TMTG’s cryptocurrency-focused venture, in collaboration with Crypto.com, has carved out a large CRO (Cronos) token strategy, alongside preparing for a future Bitcoin ETF.
The Trump family’s wealth links to crypto now cover a wide range; from World Liberty tokens and the president’s TRUMP meme coin to different deals and products offered through Trump Media and Technology Group (DJT). These ties have attracted a lot of attention.
Republican-leaning crypto proliferation from the Trump family has triggered ethical pushback. Critics argue that the family’s crypto holding trajectory could pose real conflicts of interest particularly in the context of crypto-friendly regulations being supported by the administration. Prominent Democrats and ethics watchdogs have voiced alarm at the overlap of political power and personal financial gain. Trump, however, denies any unethical conduct.
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