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Fortune

Ben Weiss

Trump-backed crypto firm American Bitcoin notches $5 billion valuation in Nasdaq debut

Bitcoin Eric Trump American Bitcoin American Donald Trump Jr. Nasdaq Donald Trump Crypto ABTC Hut 8

(Credit: Daniel Ceng—Anadolu/Getty Images)

A Bitcoin mining company backed by two of President Donald Trump’s sons has hit the public markets. American Bitcoin began trading Wednesday on the Nasdaq under the ticker ABTC, according to a press release. Its stock soared 60% to a high of more than $13 in morning trading before falling to around $9.50.

“We’re above $5 billion from a market cap perspective,” Asher Genoot, executive chair of American Bitcoin’s board, told Fortune late Wednesday morning. “You’ll get the exact numbers as the numbers flow through the Nasdaq.”

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