American Bitcoin, a new Bitcoin mining company backed by Eric Trump and Donald Trump Jr., made a strong debut on the Nasdaq under the ticker ABTC. The stock surged as much as 60% to over $13 on its first day before stabilizing around $9.50, giving the company a market capitalization above $5 billion.

American Bitcoin is the result of a joint venture between the Trump family and Hut 8, a well-established name in Bitcoin mining. Hut 8 contributed the majority of its high-performance mining chips in exchange for 80% ownership of the new company. To accelerate its public launch, American Bitcoin merged with Gryphon Digital Mining through an all-stock deal and successfully raised $220 million from private investors.

Company leaders, including Eric Trump, position American Bitcoin as a way for investors to gain exposure to the world’s largest cryptocurrency. Eric Trump emphasized his belief in Bitcoin, calling it “one of the great financial assets ever created.” He also expects American Bitcoin’s stock to act as a proxy for Bitcoin itself, giving traditional investors an accessible way to invest in the digital currency sector.

American Bitcoin’s launch marks a significant move for the Trump family into the growing cryptocurrency industry, as well as a new chapter for U.S.-based crypto ventures aiming for scale and legitimacy on Wall Street. This partnership further cements the intersection of political influence and digital finance, attracting attention from investors and industry observers alike.