Bitcoin (CRYPTO: BTC) mining firm American Bitcoin Corp. (NASDAQ:ABTC) surged in its public market debut on Wednesday, resulting in billions worth of stake for Eric Trump and Donald Trump Jr.
ABTC shares are powering higher on strong volume. Get the details here.
The stock more than doubled in value, reaching an intraday high of $14.52 before falling back to be slightly over $8 at the end of the session.
Based on the 908.58 million outstanding shares that American Bitcoin declared in an SEC filing, the firm finished the trading day at a valuation of $7.30 billion.
Eric Trump, listed as the company co-founder and chief strategy officer, and his elder brother Donald Trump Jr., own nearly 20% of the shares, according to Reuters, potentially valuing their stake to $1.46 billion.
See Also: Bitcoin Sets New All-Time High At $124,000 As Record-Breaking Surge Continues
American Bitcoin, a subsidiary of Hut 8 Corp. (NASDAQ:HUT), went public via a reverse merger with Nasdaq-listed miner Gryphon Digital Mining. The merger deal was structured as a stock-for-stock transaction.
American Bitcoin is already building its own “strategic” Bitcoin reserve and currently holds 2,443 BTC, worth $273 million, according to Bitcointreasuries.net.
However, unlike popular Bitcoin treasury companies like Strategy Inc. (NASDAQ:MSTR), American Bitcoin generates new BTC through mining.
The listing was just another clear example of the Trump family’s expanding engagements with the cryptocurrency sector.
The family-backed decentralized finance venture, World Liberty Financial, launched its governance token, WLFI, for trading earlier this week. The Trumps have reportedly seen a staggering $5 billion increase in their paper wealth following the trading debut
Price Action: At the time of writing, BTC was exchanging hands at $110,731, up 0.71% in the last 24 hours, according to data from Benzinga Pro.
American Bitcoin shares popped 5.10% in after-hours trading after closing 16.52% lower at $8.04 during Wednesday’s regular trading session.
Meanwhile, Strategy’s stock exhibited a high Momentum score as of this writing. Visit Benzinga Edge Stock Rankings to see how it compares with other Bitcoin holding companies on Wall Street.
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