The Trump family-owned American Bitcoin began trading on the Nasdaq under the ticker symbol ‘ABTC’ on Tuesday following the completion of its stock merger with Gryphon Digital Mining.
The firm is a Bitcoin accumulation platform focused on building America’s Bitcoin infrastructure backbone, according to the announcement.
Shares in the Trump-backed Bitcoin venture surged as much as 100% before retreating on its market debut, with the President’s son Eric, saying he hoped to create “the greatest Bitcoin company on Earth.”
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In an interview with Bloomberg following the Nasdaq debut, Eric Trump said that American Bitcoin is different from other corporate treasuries such as Michael Saylor’s Strategy because “we have a great mining business,” and an “unbelievable advantage.”
“We’re mining Bitcoin at roughly 50 cents on the dollar to the actual price of Bitcoin. We’re mining a lot of it and using the Hut 8 infrastructure in order to do so.”
Eric Trump is the co-founder and chief strategy officer of American Bitcoin, a majority-owned subsidiary of mining firm Hut 8.
“We have massive aspirations to be the absolute best crypto company anywhere on Earth,” he said before adding that the firm will implement both strategies, purchasing BTC and mining Bitcoin to dollar cost average down.
“Everybody all around the world wants the asset, from the largest Fortune 500 companies to the biggest sovereign wealth funds to nation states to US states, [such as] Texas.”
Bitcoin is an unbelievable store of value, and “we’re going to win the race,” he said.
When asked about his personal wealth, which Bloomberg estimated as $600 million from his 7.5% stake in American Bitcoin, Eric said he got into the industry because of the financial revolution and being debanked while his father was running for president.
“I believe in Bitcoin, I’ve been a long-term owner of Bitcoin … and I see its adoption all over the world and how much it is being embraced globally, and the floodgates are just starting to open.”
American Bitcoin held 2,443 BTC as of the end of May, according to BitcoinTreasuries, but that number is likely to be higher.
Mining firm and AMBC partner Hut 8 is the twelfth-largest corporate Bitcoin holder with 10,667 BTC worth around $1.2 billion. Meanwhile, Trump Media and Technology Group Corp holds 15,000 BTC worth $1.67 billion according to BitcoinTreasuries.
American Bitcoin also said on Wednesday that it had entered into a $2.1 billion stock offering with investment banks including Cantor Fitzgerald and Mizuho Securities, with proceeds used for BTC purchases and mining technology.
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