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American Bitcoin’s listing follows a completed merger with
Gryphon Digital Mining. The company is backed by President
Donald Trump’s sons, Donald Trump Jr. and Eric Trump.
“Our Nasdaq debut marks a historic milestone in bringing bitcoin
into the core of U.S. capital markets,” Eric Trump said in a
statement. He is a co-founder and chief strategy officer of
American Bitcoin.
Public companies accumulating bitcoin as a corporate treasury
has become a popular trend in crypto as the world’s most popular
digital asset is priced near an all-time high. The parent
company of Trump’s Truth Social has also moved to accumulate
bitcoin.
American Bitcoin said it plans to use “self-mining operations
and opportunistic bitcoin purchases” to stand out in a growing
field.
Wednesday’s listing gives investors yet another chance to put
money in a Trump-linked crypto project. The Trump family has
made a heavy pivot from real estate into crypto in the last year
with projects ranging from a U.S. dollar-backed stablecoin to
the president hawking his own meme coin.
American Bitcoin's stock rose 16.5% to close at $8.04. At one
point the stock traded above $14.
On Monday, another Trump-family backed crypto project, World
Liberty Financial, launched public trading of its tokens. The
popularity of such projects has put the value of the Trump
family’s crypto holdings at several billion dollars, at least on
paper.
Democrats have blasted the president for trying to monetize his
popularity with crypto investors while also pushing for
pro-crypto legislation and regulations. Trump has denied any
improper conflicts of interest.
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