American Bitcoin associated with Trump experiences a 16% surge during its debut on Nasdaq
In a significant move, American Bitcoin, a crypto mining company with ties to the Trump family, made its debut on the Nasdaq stock exchange. The company's shares saw an impressive 91% surge on the first day of trading, reaching a closing price of $8.45.
Eric Trump, Co-Founder and Strategy Chief of American Bitcoin, described the launch as "an unbelievable day." The company's Bitcoin stash is currently worth approximately $273 million, with each Bitcoin valued at around $110,811.
The Trump family's involvement in the crypto world does not end with American Bitcoin. This week, they launched a second venture, World Liberty Financial (WLFI), a new crypto project that debuted on crypto exchanges on Monday.
The WLFI token, which comprises approximately a quarter of its 100 billion tokens, was unlocked at launch. However, the token has since dropped roughly 36% since its launch.
The Trump family and a tied company hold significant portions of the WLFI token, generating millions in revenue. This revenue comes in addition to their involvement in American Bitcoin.
Eric Trump, in a statement, emphasized that the family feels "incredibly fortunate in life with or without this endeavor." He also mentioned that American Bitcoin plans to both mine and buy Bitcoin, choosing the strategy that benefits shareholders the most.
Trading in American Bitcoin's shares was halted five times during the day due to volatility. After-hours trading saw the stock climb to $8.45.
American Bitcoin is now the 25th-largest publicly traded company to own Bitcoin. The Trump family is emerging as a notable player in the U.S. crypto landscape, with their successful Nasdaq debut of American Bitcoin.
It's important to note that the success of these ventures may vary and the crypto market is known for its volatility. As always, potential investors should thoroughly research and consider their investment decisions carefully.
