American Bitcoin Surges in Nasdaq Debut, Backed by Trump Sons

American Bitcoin Corp., a cryptocurrency mining and treasury firm backed by Eric Trump and Donald Trump Jr., made a high-profile debut on the Nasdaq this week, with its stock surging up to 110% intraday before closing with a strong double-digit gain.

The company went public through a reverse merger with Gryphon Digital Mining, bypassing the traditional IPO route. It now trades under the ticker ABTC.

The listing gives Hut 8 Corp, a Canadian crypto infrastructure firm, 80% control of the combined entity. The Trump brothers collectively own about 20%, bringing their stake’s value to over $1.5 billion at peak trading levels.

“Our strategy offers a stable path to growth in a volatile market,” said Hut 8 CEO Asher Genoot, explaining the choice to merge rather than launch a standalone IPO.

Founded in 2023, American Bitcoin combines Bitcoin mining with a long-term BTC accumulation strategy. The company currently holds around 2,443 Bitcoins, valued at over $160 million.

The model echoes MicroStrategy’s high-profile crypto strategy, blending operational income with treasury growth.

Following its public debut, American Bitcoin plans to raise up to $2.1 billion through an at-the-market (ATM) equity offering. The funds will support mining expansion, Bitcoin purchases, and potential acquisitions in Japan and Hong Kong.

These international moves aim to offer investors in Asia regulated exposure to Bitcoin via local markets.

The Trump family’s growing role in crypto has drawn both investor enthusiasm and regulatory scrutiny. While former President Donald Trump has been skeptical of digital currencies, his sons are betting big on Bitcoin’s future.

Critics have raised concerns about potential conflicts of interest, but the market reaction suggests strong demand for politically connected crypto ventures.

ABTC closed at $8.04 on its first trading day, up roughly 16%, cementing its status as one of the most watched crypto listings of the year.