BUZZ-American Bitcoin, backed by Trump's oldest sons, slides following Nasdaq debut

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BUZZ-American Bitcoin, backed by Trump's oldest sons, slides following Nasdaq debut

Reuters09-04

BUZZ-<a href="https://laohu8.com/S/ABTC">American Bitcoin</a>, backed by Trump's oldest sons, slides following Nasdaq debut

** Shares of American Bitcoin ABTC.O, backed by U.S. President Donald Trump's oldest sons, fall 8.5% to $7.35 premarket a day after their Nasdaq debut

** The bitcoin miner said it has nearly doubled its mining capacity to 24 exahash-per-second (EH/s) from 10 EH/s earlier

** The company is around 20% owned by Eric Trump and Donald Trump Jr, ABTC Executive Chairman Asher Genoot said earlier

** ABTC is among several forays by the Trump family into crypto which has drawn criticisms from Democratic lawmakers and government ethics watchdogs about conflicts of interests

** Eric Trump, the second son of Trump, dismissed such criticisms on Wednesday as "insane"

** In the first day of trading following a SPAC merger, ABTC surged as much as $14.52 before closing at $8.04

(Reporting by Medha Singh)

((medha.singh@thomsonreuters.com))

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