American Bitcoin (ABTC), a crypto treasury and mining company with links to U.S. President Donald Trump’s family, rose 16.5% in its first day of trading on the Nasdaq exchange.
The company’s stock gained 16.5% during its market debut to close at $8.04 U.S. per share. At one point the stock traded above $14 U.S.
American Bitcoin went public via a special purpose acquisition company (SPAC) after merging with Gryphon Digital Mining.
The company is backed by President Trump’s two oldest sons, Don Jr. and Eric.
Like a growing number of public companies, American Bitcoin is focused on accumulating Bitcoin (BTC) as a corporate treasury strategy.
The company has said that it plans to use “self-mining operations and opportunistic Bitcoin purchases” to stand out in a crowded field of digital asset firms.
American Bitcoin is one of several crypto projects being supported by the Trump family.
The U.S. president and his family have pivoted from real estate into crypto with projects ranging from a U.S. dollar-backed stablecoin to meme coins and crypto exchange-traded funds (ETFs).
Earlier this week, another Trump-backed crypto project, World Liberty Financial, launched public trading of its digital tokens.
President Trump was re-elected on a promise to make America the “crypto capital” of the world.
