The Trump family has once again doubled down on bitcoin, backing the latest digital asset treasury (DAT) firm to list on the Nasdaq on Wednesday. American Bitcoin (Nasdaq: ABTC) went live on the exchange after a merger with Gryphon Digital Mining, Inc., aiming to become a “differentiated, pure-play bitcoin accumulation platform,” according to a company press release. Bitcoin jumped above $112,000 on the news and has been hovering around that threshold all day.
Company Background and Deal Structure
American Bitcoin is a subsidiary of Hut 8 Corp. (Nasdaq: HUT), a Miami-based bitcoin mining company with extensive Canadian operations. Hut 8 recently reported Q2 earnings with a net income of $137.5 million and a strategic bitcoin reserve of 10,667 BTC, currently worth about $1.2 billion. The newly listed entity will focus singularly on bitcoin accumulation and maximizing bitcoin per share for its stockholders.
Trump Family Involvement
Eric Trump joins as co-founder and chief strategy officer, while his brother Donald Trump Jr. serves as a shareholder. “Today, American Bitcoin becomes a premier public vehicle for investors seeking scalable, singular exposure to the defining asset class of our time,” Eric Trump said. “With our Nasdaq listing, we are elevating this mission onto the global stage,” Donald Trump Jr. added. ABTC shares were trading at around $8 at the time of reporting.
Market Metrics Snapshot
According to Coinmarketcap, Bitcoin was priced at $112,018.19, up 1.17% over 24 hours and 0.05% over the past seven days. The intraday range was $110,582.96 to $112,600.22. Trading volume fell 18.2% to $62.12 billion, while market capitalization rose slightly to $2.23 trillion. Bitcoin dominance dropped to 58.38%, down 0.31% from yesterday.
Futures open interest decreased nominally by 0.46% to $81.13 billion, per Coinglass. Liquidations over 24 hours totaled $37.93 million, with short liquidations dominating at $32.59 million and long liquidations at $5.34 million.