American Bitcoin rockets 16% on first day with Trump support

Trump-backed mining company American Bitcoin debuted on Nasdaq on September 2, ending the day up 16%.

American Bitcoin, co-founded by Donald Trump’s sons Donald Trump Jr. and Eric Trump, closed its first day of public trading at $8.04 after a bumpy launch. The stock (ABTC) saw heavy volatility, prompting the exchange to halt trading five times, according to NYSE data. ABTC climbed as high as $14.52 before ending the day up 16–17% at $8.04.

Launched in March 2025 through a merger with Gryphon Digital Mining, American Bitcoin is 98% owned by Eric Trump, Donald Trump Jr., and Asher Genoot, CEO of Bitcoin miner Hut 8. Together, the Trump brothers hold about 20% of the company, a stake worth more than $1.5 billion at the closing price.

American Bitcoin operates under a mining and treasury model, holding 2,443 bitcoins worth over $270 million at current prices. After its Nasdaq debut, the company announced plans to raise up to $2.1 billion through a new share offering, with proceeds earmarked for Bitcoin purchases, new mining hardware, and general corporate needs.The launch marks the Trump family’s latest move into crypto.

Other projects tied to the family include a U.S. dollar–backed stablecoin USD1, memecoins, and the World Liberty Financial (WLFI) token, which began trading on September 1. Trump’s engagement with the crypto industry raised concerns over potential conflicts of interest. Senator Elizabeth Warren accused the family of corruption and profiting from crypto.

Trump’s broader strategy focuses on supporting the U.S. cryptocurrency industry. His administration has taken steps such as issuing an executive order blocking the creation of a U.S. central bank digital currency (CBDC) and approving the GENIUS stablecoin regulation framework. Several senators, including Ted Cruz, Cynthia Lummis, and Bill Hagerty, have supported these initiatives through legislation.

Trump-backed American Bitcoin soars 16% in trading debut