American Bitcoin, a cryptocurrency mining company tied to the Trump family, closed its first day of trading on the Nasdaq with a 16.52% gain.
The stock (ABTC) ended the session at $8.04 after peaking at $13.20 and dipping to a low of $6.72.
The company, formerly Gryphon Digital Mining, merged with Gryphon (GRYP) to go public.
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ABTC saw its share price soar 91% from Gryphon’s previous close of $6.90 before sharp fluctuations.
After hours trading pushed the stock up an additional 5% to $8.45.
American Bitcoin now joins a wave of public companies pivoting to cryptocurrency, holding 2,443 BTC, valued at approximately $273 million.
Eric Trump, co-founder and chief strategy officer, hailed the debut as “an unbelievable day” in a Bloomberg interview.
He emphasized the company’s dual strategy of mining and purchasing Bitcoin to maximize shareholder value.
“We’re going to harness Bitcoin mining to the fullest while also buying strategically,” he said.
Eric dismissed criticism that the venture capitalizes on his father’s crypto-friendly policies, calling such claims “totally illegitimate”.
He cited his own experience of being “debanked” from financial platforms as motivation.
The launch aligns with a bullish U.S. crypto market, driven by President Donald Trump’s pro-cryptocurrency stance.
Despite past skepticism, where he called Bitcoin a “scam” in 2021, Trump has recently embraced digital currencies, a shift Eric credits with aiding his father’s re-election.
American Bitcoin marks the Trump family’s second crypto venture this week, following the listing of their World Liberty Financial (WLFI) token.
WLFI however slumped 30% from its debut price to 21 cents, with a company linked to the Trumps holding a $4.8 billion stake.
Eric Trump’s 7.5% stake in American Bitcoin is valued at roughly $548 million.
