American Bitcoin Inc. (NASDAQ: ABTC), a Bitcoin mining and accumulation company co-founded by Eric Trump and Donald Trump Jr., created a big splash on Wall Street this week, listing it on the Nasdaq after its merger with Griffon Digital Mining.
The first day of trading in American Bitcoin stocks was characterized by huge price fluctuations, multiple trading halts and a lot of interest from investors, rekindling debates about the Trump family’s presence in the digital assets space.
The shares opened at $6.95 on Wednesday morning, up up 90% in the first hour before retreating.
At one point it reached nearly $14 and earned an 85% intraday profit. By noon it was still above 40%, but volatility led to at least five trading halts on the Nasdaq.
A similar price pattern was observed on Thursday.
Co-founder and Chief Strategy Officer Eric Trump said:
“Our NASDAQ debut is a historic milestone that promotes our mission to bring Bitcoin to the core of the US capital markets and to make America an uncontroversial leader in the global Bitcoin economy.”
American Bitcoin is a “Bitcoin accumulation platform” with two strategies. Mining new Bitcoin and making opportunistic purchases at open markets.
The company hopes to maximize “bitcoin growth per share” by combining Hut 8’s large infrastructure with disciplined financial management.
“We believe the NASDAQ listing will take this mission to a global stage, helping investors to strengthen the US financial system and helping them build a more resilient national economy.” Donald Trump Jr. has been added.
The company recently said 2,443 BTC has around $273 million in BTC, according to a filing with the SEC. It has risen from 152 BTC previously.
To continue building reserves, American Bitcoin provided up to $2.1 billion in market shares. Revenues are spent on purchasing more Bitcoin, new mining hardware, and general corporate purposes.
American Bitcoin was launched this year as a majority-owned subsidiary of Canadian mining giant HUT 8.
This partnership allows American Bitcoin to use the next generation of ASIC mining rigs and Hut 8 data center infrastructure without having to build its own facilities.
“By combining Bitcoin mining, purchasing an opportunistic market, and the support of Hut 8’s energy and digital infrastructure, we created a vehicle designed to drive rapid and efficient Bitcoin growth in stocks.” said Asher Genoot, executive chairman of American Bitcon and CEO of Hut 8.
As of the second quarter of 2025, US Bitcoin had 9.3 exahashes per second (EH/s) of mining power online, and 14-15 EH/s online immediately through liquid coolers at the HUT 8 Texas facility.
The company’s hot debut reflects Wall Street’s growing love for Bitcoin, especially as the rare digital assets themselves trade at $111,000 per coin.
