Trump Sons-Backed American Bitcoin Makes Nasdaq Debut, Trading Halted After Early Swing
Synopsis
The Bitcoin mining and accumulation firm, backed by Eric Trump and Donald Trump Jr., launched earlier this year as a majority-owned subsidiary of crypto miner Hut 8.
American Bitcoin (ABTC) began trading on Nasdaq on Wednesday, opening at around $8 per share. The listing follows the company’s merger with Gryphon Digital Mining.
ABTC’s stock traded between $7.59 and $11 after getting listed. Trading was halted thrice shortly after the market opened, according to NasdaqTrader data.
The Bitcoin (BTC) mining and accumulation firm, backed by Eric Trump and Donald Trump Jr., launched earlier this year as a majority-owned subsidiary of crypto miner Hut 8 (HUT). Executives say the company leverages Hut 8’s infrastructure and next-generation mining technology to lower operating costs and direct more capital toward scaling its Bitcoin reserves.
American Bitcoin’s debut comes as Bitcoin’s price gained 0.3% over the past 24 hours, trading near $111,200. On Stocktwits, retail sentiment around the apex cryptocurrency moved higher but remained within ‘bearish’ territory over the past day.
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Read also: US Bancorp Resumes Bitcoin Custody For Institutional Clients
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