Shares of American Bitcoin Corp (Nasdaq: ABTC) declined on their first day of trading following a tumultuous opening day session on Nasdaq.

The stock opened at $9.22, traded as high $14.52 intraday before ending the day at $8.01, down about 45% from its peak and up 16% from the open. The trading volume exceeded 29 million shares.

The listing follows American Bitcoin's completed merger with Gryphon Digital Mining (GRYP), a transaction that was meant to accelerate access to public capital over a traditional IPO.

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American Bitcoin itself was formed five months after the merger of American Data Centers — owned by Donald Trump Jr. and Eric Trump — with a Canadian crypto mining company called Hut 8. It currently holds about 2,400 Bitcoin on its balance sheet and has signaled plans to continue building reserves.

"We launched the company a little over five months ago. I think that from the start of the company to the public listing, there's probably a record somewhere. We have publicly disclosed over 2000 Bitcoin thus far. We're continuing to accumulate past those public disclosures, and so we look to be one of the largest," said Hut 8 CEO Asher Genoot in an interview.

Tyler and Cameron Winklevoss, billionaire co-founders of the Gemini crypto exchange, are anchor investors.

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Eric Trump, who holds around 7.5% of the company, has deflected challenges to the strategy in the face of criticism that the venture is politically connected to his father, President Donald Trump. He rather put it this way, saying, "I think being a proponent of cryptocurrency probably helped get him elected."

Management has historically stated it is making a long-term decision and has emphasized the importance of risk management, as well as equity funding and partnerships, as part of that approach to Bitcoin's price cycles.

FAQs

Q: Who are Eric Trump and Donald Trump Jr.?

A: Eric Trump and Donald Trump Jr. are the sons of Donald J. Trump, the 47th President of the United States. Both have long been involved in business ventures tied to the Trump Organization and other private investments.

Q: What is their connection to American Bitcoin Corp?

A: Eric Trump and Donald Trump Jr. are linked to American Bitcoin Corp (Nasdaq: ABTC) through American Data Centers, their data infrastructure firm that merged with Gryphon Digital Mining and Hut 8 to form the new Bitcoin mining company. Eric Trump reportedly holds a 7.5% stake in the firm.

Q: Have they been involved in politics?

A: While neither Eric nor Donald Jr. has held elected office, both are prominent political figures. Donald Trump Jr. is especially active in conservative media and has campaigned extensively for his father. Eric Trump has also been a frequent surrogate at campaign rallies and events.

This story was originally reported by TheStreet on Sep 3, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.