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The Trump Family Backs Mining Firm American Bitcoin, Stock Price Surges 17% on First Day of Trading, Eric Trump's Holdings Valued at Over $500 Million
BlockBeats News, September 4th, on the listing debut of mining company American Bitcoin (code ABTC) supported by the Trump family, the stock price rose by nearly 17% to $8.04 per share, reaching a high of $14 during the trading day. The stock's first-day trading volume exceeded 29 million shares.
Eric Trump stated: "We own a core, high-quality mining operation, with current mining costs only 50% of the Bitcoin market price. The company holds hundreds of millions of dollars in hardware assets and data centers... While others can only buy at face value, we can acquire Bitcoin at a significant discount."
According to Bloomberg's estimation, the successful listing of American Bitcoin means that the stake held by Eric Trump, the second son of Trump, is valued at over $500 million.
Founded in March of this year, American Bitcoin, co-founded by Eric Trump and supported by Donald Trump Jr. (eldest son), is a cryptocurrency mining and holding company. In June, American Bitcoin raised $220 million through a private placement of 11 million new shares. Hut 8 holds 80% of its shares, while the remaining 20% is controlled by American Data Centers, supported by the Trump brothers. Eric Trump serves as the company's Chief Strategy Officer.
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