American Bitcoin, a crypto mining company linked to the Trump family, ended its first agitated day on the Nasdaq up more than 16%, adding millions to the wealth of the American family.
The company, supported by the sons of the American president Donald Trump Eric and Donald Trump Jr., became public after having merged with the Bitcoin Society (BTC) existing Gryphon Digital Mining (GRYP).
At the start of negotiations on Wednesday, American Bitcoin (ABTC) increased by 91% of the Gryphon Tuesday closing price from $ 6.90 to a peak of $ 13.20 before falling in half a low $ 6.72.
The NASDAQ interrupted the exchanges of American bitcoins five times throughout the day due to volatility, but it ended the day session up 16.52% to just over $ 8 and climbed more than 5% after opening hours to $ 8.45.
American Bitcoin is the last addition of the Trump family to its growing cryptography portfolio and joins a trend in public companies that have joined the sector by making the public or focusing to focus on buying crypto.
Bitcoin’s “valves” open, explains Eric Trump
Eric Trump, co-founder and head of the American Bitcoin strategy, told Bloomberg on Wednesday that the public launch of his business was “an incredible day and a lot of hard work that ultimately materialized”.
He added that he had launched the company after having had Bitcoin for several years and seen “how much he is adopted worldwide”.
“The valves are just starting to open, so it’s a kind of perfect moment,” he added.
The United States has reached second place on the CHAINALYSY cryptography adoption index, which was published on Wednesday, the analytical company citing the friendly policies of President Trump as a major engine.
Eric Trump has moved away from the concerns that the company could be considered to benefit from his father’s friendly policies, saying that criticism was “totally illegitimate”.
“I entered this company because I was illegally uninformed by all the country’s financial platforms,” he said. “My father has nothing to do with this business.”
He added that President Trump had “always been a supporter” of the cryptocurrency, which “probably helped to do so.” Donald Trump previously said that cryptocurrencies were “based on thin air” and that bitcoin “seems to be a scam”.
American bitcoin to buy and mine
Eric Trump said that the company would exploit and buy Bitcoin, tilting between strategies to “the best possibility at the time”.
“There is only a certain amount of bitcoin that can be exploited every day, and we will exploit this to the absolute maximum,” he said. “At the same time, we can be creative. We can go out and we can buy bitcoin, keep the treasure and allow the extraction of the average of dollars to be extraction. ”
“We will implement the two strategies; What is the best for the value of shareholders is obviously what we are going to prioritize. ”
The company has 2,443 BTC, the 25th largest of public companies. With an exchange of Bitcoin at around $ 111,850, the hiding place is worth $ 273 million.
Second Trump Crypture Venture this week
American Bitcoin is the second Crypto company of the Trump family to become a public this week, after their project of crypto world liberty financial was registered on the exchanges of Crypto for the first time on Monday.
The project has unlocked about a quarter of its total supply of 100 billion for the World Liberty Financial (WLFI) token, allowing its first investors to sell itself from the cryptocurrency.
WLFI fell 30% compared to its first price and continued to drop by more than 7% in the last 24 hours to just over 21 cents, Coingecko.
President Trump and the sons Eric, Donald Jr and Baron Trump are all appointed to the project, and a business related to them receives most of the income it generates. This company also has almost a quarter of all WLFIs, worth $ 4.8 billion.
As for Eric Trump, Bloomberg estimated that his participation of around 7.5% in American Bitcoin is worth around 548 million dollars.
He said when he was asked for his stake that “we are incredibly lucky in life with or without this business”.
Review: Bitcoin long -term security budget problem: imminent or fud crisis?