The firm is one of the many digital asset treasury companies following in the footsteps of Michael Saylor’s wildly successful Strategy.
BTC Climbs Above $112K as Trump-Backed American Bitcoin Debuts on Nasdaq
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BTC Tops $112K as Trump Family’s American Bitcoin Hits Nasdaq
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., and the new entity’s goal is to become a “differentiated, pure-play bitcoin accumulation platform,” according to a press release published by the company. Bitcoin jumped above $112K on the news and has been hovering around that threshold all day.
American Bitcoin is a subsidiary of Hut 8 Corp. (Nasdaq: HUT), a Miami, Florida-based bitcoin mining company with extensive Canadian operations. Hut 8 recently announced its second quarter earnings and revealed a net income of $137.5 million and a strategic bitcoin reserve of 10,667 BTC, currently worth about $1.2 billion.
And now with Eric Trump added to the mix as co-founder and chief strategy officer of American Bitcoin and his older brother Donald Trump Jr. as a shareholder, the firm aims to have a “singular focus on bitcoin accumulation” and maximizing bitcoin per share for its stockholders after today’s Nasdaq debut.
“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,” his brother Donald Trump Jr. chimed in. ABTC shares were trading at around $8 at the time of reporting.
Overview of Market Metrics
Bitcoin was priced at $112,018.19 at the time of reporting, up 1.17% over 24 hours and 0.05% over the past seven days, according to data from Coinmarketcap. BTC has been trading between $110,582.96 and $112,600.22 for the day.
Twenty-four-hour trading volume fell 18.2% to $62.12 billion, but market capitalization was up slightly by 1.25%, reaching $2.23 trillion. Bitcoin dominance dropped to 58.38%, down 0.31% since yesterday.
Total bitcoin futures open interest for the day decreased nominally by 0.46% according to Coinglass, coming in at $81.13 billion. Bitcoin liquidations were also lower over 24 hours, totaling $37.93 million. Short liquidations dominated that total figure at $32.59 million, and the remaining $5.34 million was made up of longs.
