American Bitcoin (NASDAQ: ABTC), a Bitcoin mining company associated with the Trump family, rose nearly 17% on its first day of trading on the Nasdaq, to $8.04 per share, with the stock once hitting a high of about $14.00 during the session. The stock traded more than 29.00 million shares on its first day on the Nasdaq. In comparison, Circle and Bullish, two recent crypto IPO projects that went public at higher per-share prices, had trading volumes of 46.00 million and 58.00 million shares, respectively, on their first day of trading.

Eric Trump, son of Donald Trump, said on Wednesday: "Essentially, we have an excellent mining operation. Currently, our cost to mine Bitcoin is about half the actual price of Bitcoin. We have hundreds of millions of dollars in fixed assets, and data centers to back it up... When others have to buy Bitcoin at market price, we can mine Bitcoin at a price significantly below market price." According to Bloomberg analysis, American Bitcoin's successful IPO means that Eric Trump's stake in the company is now worth more than $500.00 million. (The Block)