Trump Family-Backed Bitcoin Miner Debuts On Nasdaq With Volatile Trading

American Bitcoin, a company backed by Eric Trump and Donald Trump Jr., began trading on the Nasdaq last week. The company merged with a small-cap bitcoin miner to bypass the IPO process. Shares opened at around $8, surged to $13, and settled just under $10 by midday on its first day. It reached a peak market cap of more than $7.5 billion before sliding to $6.35 per share. The company has laid out a three-part strategy that includes operating large-scale mining centers, accumulating bitcoin using public market access, and leveraging the Trump brand to amplify value. Bitcoin mining power has reached record highs, but costly energy and low transaction fees are squeezing profits. The price of energy remains the most critical factor for miners.