American Bitcoin, a cryptocurrency mining company tied to the Trump family, closed its first day of trading on the Nasdaq with a gain of more than 16% after a volatile debut session. The company is backed by President Donald Trump’s sons, Eric and Donald Trump Jr., and went public through a merger with Gryphon Digital Mining (GRYP).
The new stock, listed under the ticker ABTC, experienced sharp swings on Wednesday. It surged as much as 91% in early trading, climbing from Gryphon’s Tuesday closing price of $6.90 to an intraday high of $13.20.
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However, the rally quickly faded, with shares tumbling to a low of $6.72 by the afternoon.
Due to the extreme volatility, the Nasdaq was forced to halt trading of American Bitcoin shares five separate times throughout the day. Despite the turbulence, the stock managed to recover some ground and ended the session up 16.52% at just over $8. In after-hours trading, it continued its upward trend, rising more than 5% to $8.45.
The strong debut added millions of dollars to the Trump family’s wealth and marked the latest high-profile crypto listing on Wall Street, highlighting both investor enthusiasm and the risks of trading in such a volatile sector.
American Bitcoin, formerly Gryphon Digital Mining, saw significant price swings on its debut trading day. Source: Google Finance
American Bitcoin marks the Trump family’s latest move into the crypto sector, adding to its growing digital asset portfolio. The company also reflects a broader trend of public firms either entering the space through listings or pivoting their business models to focus on cryptocurrency investments.
Bitcoin market set to surge as ‘floodgates open,’ Eric Trump says
Eric Trump, co-founder and chief strategy officer of American Bitcoin, described his company’s Nasdaq debut as “an unbelievable day and a lot of hard work that’s finally come to fruition.” Speaking with Bloomberg on Wednesday, he said he launched the business after several years of personally owning Bitcoin and witnessing how widely it was being adopted around the world.
“The floodgates are just starting to open, so it’s kind of a perfect time,” Trump said, highlighting his belief that broader acceptance of Bitcoin is only beginning.
His comments came on the same day that analytics firm Chainalysis released its 2025 Global Adoption Index, which ranked the United States second worldwide in crypto adoption. The report credited President Donald Trump’s pro-crypto policies as a major factor behind the country’s rapid rise in adoption.
When asked whether his business could be seen as benefiting from his father’s policies, Eric Trump dismissed the criticism as unfounded. “I got into this business because I was illegitimately debanked from every financial platform in the country,” he explained. “My father has nothing to do with this business.”
Eric Trump also noted that his father has long supported cryptocurrency, calling him “always a proponent” and suggesting that stance “probably helped get him elected.” However, Donald Trump’s public comments on crypto in recent years have been more mixed, at times describing digital assets as being “based on thin air” and even calling Bitcoin “a scam.”
American Bitcoin to focus on acquisition and mining operations
Eric Trump said American Bitcoin will adopt a dual approach by both mining and purchasing Bitcoin, shifting between the two strategies depending on which is more favorable at any given time.
“There’s only a certain amount of Bitcoin that can be mined every day, and we’re going to harness that to the absolute fullest,” he explained. “At the same time, we can be creative. We can go out and buy Bitcoin on the open market, build up the treasury, and let our mining operations dollar-cost average down over time.”
He emphasized that the company’s ultimate priority is shareholder value. “We’re going to be implementing both strategies, and whichever one delivers the most benefit to our shareholders is obviously what we’re going to focus on,” he said.
Currently, American Bitcoin holds 2,443 BTC, placing it as the 25th-largest corporate Bitcoin treasury in the world. With Bitcoin trading flat at around $111,850, the company’s stash is valued at approximately $273 million.
Trump world doubles down with second crypto venture in one week
American Bitcoin is the Trump family’s second crypto venture to go public this week. It follows the debut of the World Liberty Financial (WLFI) token, which was listed on crypto exchanges for the first time on Monday.
The project released about a quarter of its 100 billion total token supply, giving early investors the chance to cash out. Since launch, WLFI has dropped about 30% from its initial price and slid another 7% in the past 24
hours, now trading just above 21 cents, according to CoinGecko.
President Donald Trump and his sons Eric, Donald Jr., and Barron are all tied to the project. A company linked to them receives most of the revenue generated and holds nearly a quarter of the WLFI supply, worth around $4.8 billion.
Meanwhile, Bloomberg estimated that Eric Trump’s 7.5% stake in American Bitcoin is valued at roughly $548 million. Commenting on his position, he said, “We’re incredibly fortunate in life with or without this endeavor.”