Nikolas Sargeant
American Bitcoin, a cryptocurrency mining company backed by President Donald Trump's sons Eric and Donald Trump Jr., closed its tumultuous first day of trading on the Nasdaq with gains of over 16%. The company went public through a merger with existing Bitcoin mining firm Gryphon Digital Mining, marking the Trump family's latest venture into the cryptocurrency sector during a period of growing institutional adoption.
The stock experienced extreme volatility throughout Wednesday's trading session, with shares initially surging 91% from Gryphon's previous closing price of $6.90 to reach a peak of $13.20. However, the dramatic gains were short-lived as the stock subsequently plummeted by half to an afternoon low of $6.72. The Nasdaq was forced to halt trading five times due to the excessive price swings, highlighting the intense market interest in the Trump-affiliated crypto venture.
Despite the choppy performance, American Bitcoin managed to recover and closed the session at just over $8 per share, representing a solid 16.52% gain from the previous day's close. The stock continued its upward momentum in after-hours trading, climbing an additional 5% to $8.45. Eric Trump, who serves as the company's co-founder and strategy chief, described the public launch as "an unbelievable day" and emphasized that the timing coincides with what he sees as cryptocurrency's mainstream acceptance.
The company plans to pursue a dual strategy of both mining and purchasing Bitcoin, with Eric Trump stating they will switch between approaches based on market conditions to maximize shareholder value. American Bitcoin currently holds 2,443 BTC, valued at approximately $273 million, making it the 25th-largest Bitcoin holder among public companies. This venture represents the Trump family's second crypto-related public offering this week, following the Monday debut of tokens from their World Liberty Financial project, which has since declined 30% from its initial price. The timing of American Bitcoin's debut aligns with President Trump's broader crypto-friendly policies, which analysts cite as a key driver behind the recent surge in cryptocurrency adoption and market activity.
