Trump Sons Flourish with Bitcoin Company Nasdaq Debut

On Wednesday, Donald Trump’s two eldest sons celebrated a significant achievement as the Bitcoin company they co-own made a splash in its Nasdaq debut. American Bitcoin (ticker ABTC), which employs a strategy of both buying and mining BTC, saw its shares soar nearly 17%, reaching $8.04 on the first trading day, according to Yahoo Finance. The stock peaked at about $14 during the session. Over 29 million shares changed hands on its opening day, compared to 46 million and 58 million shares for other recent crypto IPOs, Circle and Bullish. Eric Trump highlighted the company's viability, stating to Bloomberg, "At our core, we operate a robust mining business. Currently, we mine Bitcoin at around $0.50 for each dollar of its market price. With hundreds of millions in hard assets and state-of-the-art data centers, we stand apart in this market." The decision by the Trump brothers to delve into crypto has substantially raised their profiles as entrepreneurs. Following American Bitcoin’s successful debut, Eric Trump's shares in the company now hold a value exceeding $500 million, according to Bloomberg reports. In addition to American Bitcoin, the Trump brothers are also involved with World Liberty Financial, a DeFi project inspired by their father. Donald Trump Jr. has invested in the crypto-driven prediction market platform Polymarket and serves on its board, while holding shares in Thumzup, a firm shifting towards a crypto treasury model. American Bitcoin was launched in March and co-founded by Eric Trump, with backing from Donald Trump Jr. A recent merger with Gryphon Digital Mining will further expand their crypto mining operations. In June, American Bitcoin successfully raised $220 million through the issuance of 11 million shares in a private placement. Hut 8 retains an 80% stake in American Bitcoin, while American Data Centers, backed by the Trump brothers, holds the remaining 20%. Eric Trump is the chief strategy officer of American Bitcoin. Hut 8 CEO Asher Genoot commented, "By merging Bitcoin mining operations, strategic market purchases, and Hut 8’s energy and digital infrastructure, we have designed a vehicle for rapid Bitcoin-per-share growth." Genoot also serves as the executive chairman of American Bitcoin.