American Bitcoin, a mining company backed by Eric and Donald Trump Jr., made its Nasdaq debut on Wednesday, ending its first trading day with a 16.5% gain after significant volatility.
The company, rebranded from Gryphon Digital Mining, saw its shares surge 91% early on to a peak of $13.20, before dropping to an afternoon low of $6.72.
The Nasdaq halted trading five times due to wild price swings, but shares finished at just over $8, rising further in after-hours trading.
Eric Trump says bitcoin ‘floodgates’ are opening
Eric Trump, co-founder and strategy chief, described the public launch as a milestone, stating in a Bloomberg interview:
The floodgates are just starting to open, so it’s kind of a perfect time.
He emphasized his long-term belief in bitcoin and dismissed criticism that the company’s success is tied to his father’s policies:
My father has nothing to do with this business.
Mining and buying strategy revealed
Eric Trump explained that American Bitcoin will both mine and purchase bitcoin, switching between strategies to maximize shareholder value.
The company currently owns 2,443 BTC, making it the 25th-largest holding among public companies.
At a price near $111,850 per bitcoin, this represents $273 million in reserves. For up-to-date data on public company holdings, see the bitcoin treasuries tracker.
Second Trump-linked bitcoin project this week
This debut follows the listing of World Liberty Financial (WLFI) tokens, another Trump family venture, which went public earlier in the week.
While WLFI dropped 30% from its opening price, the Trump-linked company retains a significant portion of the token supply, valued at nearly $4.8 billion.
According to Bloomberg, Eric Trump’s stake in American Bitcoin is estimated at $548 million.
He commented that he feels fortunate regardless of the outcome of this business endeavor.
