A bitcoin treasury and mining company linked to the Trump family saw a large rise in its stock price at one point on its first day on the Nasdaq stock market, but it still ended up being valued less than it opened.
The stock opened the day at $9.22, and at one point saw its share price climb as much as 39% by early afternoon to about $14, but it ended the day at $8.04.
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American Bitcoin went live on the stock market Wednesday after its merger with crypto mining company Gryphon Digital Mining. The company is backed by President Donald Trump’s sons, Donald Trump Jr. and Eric Trump.
Eric Trump, American Bitcoin’s CSO and cofounder, ahead of the stock market opening, said, “Our Nasdaq debut marks a historic milestone in bringing Bitcoin into the core of U.S. capital markets and advancing our mission to make America the undisputed leader of the global Bitcoin economy.”
American Bitcoin raised $220 million in cash and bitcoin from investors in a June private stock offering.
American Bitcoin going live is the latest expansion of the Trump family’s crypto business. Another Trump family crypto venture, World Liberty Financial, surged in value before dipping and losing most gains on its first day of market trading Tuesday. Still, the Trump family made $5 billion from the debut.
The family’s latest crypto venture has also renewed ethics concerns about the family benefiting from the president’s influence on the crypto industry. Just before 1 p.m., the value of Eric Trump’s American Bitcoin stake had climbed to as much as $600 million, according to calculations from Bloomberg.
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In his second term, Trump has additionally slashed cryptocurrency regulations and appointed crypto allies to lead watchdog agencies, including the Securities and Exchange Commission.
Several Senate Democrats introduced legislation earlier this year aimed at curbing alleged cryptocurrency-related corruption. The legislation would ban “the President, Vice President, Senior Executive Branch Officials, Members of Congress, and their immediate families from financially benefiting from issuing, endorsing, or sponsoring crypto assets, such as meme coins and stablecoins.”