American Bitcoin (ABTC), a cryptocurrency mining and accumulation company backed by President Trump's eldest sons, saw its stock price surge 10.45% in a 24-hour period following its Nasdaq debut on Wednesday. The company, which completed its merger with Gryphon Digital Mining, has captured investor attention with its Trump family connections and ambitious plans in the crypto space.
The stock's impressive gain comes as American Bitcoin filed to sell up to $2.1 billion of stock through an at-the-market offering, signaling strong investor interest in the Trump-linked venture. Eric Trump, who serves as the company's chief strategy officer, boldly claimed, "We've become the obvious name in crypto. American Bitcoin is going to be the greatest treasury company ever built." The company has already stockpiled approximately 2,443 bitcoins, adopting a corporate-treasury strategy similar to that popularized by Michael Saylor.
American Bitcoin's listing marks a significant expansion of the Trump family's growing crypto empire, which now spans mining operations, memecoins, and stablecoins. However, the venture has also raised concerns among ethics lawyers and government watchdogs regarding potential conflicts of interest, especially as the current administration continues to loosen regulations on the cryptocurrency industry. Despite these concerns, investors appear bullish on ABTC, with the stock reaching an intraday high of $14.52 before settling at a still-impressive 17% gain by the end of its first trading day.
