4-9-2025 – American Bitcoin (ABTC), the cryptocurrency mining company co-founded by Eric Trump and backed by Donald Trump Jr., jumped nearly 17% to $8.04 per share in its first day of Nasdaq trading, reaching an intraday high of $14. The debut generated over 29 million shares in trading volume, first reported by Yahoo Finance.
The company combines Bitcoin mining operations with strategic market purchases, leveraging what Eric Trump described as mining costs of “roughly $0.50 on the dollar” compared to Bitcoin’s market price. American Bitcoin emerged from a merger between Gryphon Digital Mining and the Trump-backed venture, raising $220 million through private placement in June. Hut 8 maintains an 80% stake while the remaining 20% is controlled by American Data Centers, the Trump brothers’ entity.
Eric Trump’s stake is now valued at over $500 million following the successful debut, according to Bloomberg. The launch represents the latest crypto venture for the Trump family, which has expanded into decentralized finance through World Liberty Financial and prediction markets via Donald Trump Jr.’s Polymarket board position and investment.
“By combining Bitcoin mining, opportunistic market purchases, and the backing of Hut 8’s energy and digital infrastructure, we have created a vehicle designed to drive rapid, efficient Bitcoin-per-share growth,” said Hut 8 CEO Asher Genoot, who also serves as American Bitcoin’s executive chairman.
