Key Highlights:
- Today, Eric Trump rang the opening bell for American Bitcoin’s Nasdaq debut.
- He likened BTC to gold and offered a bullish narrative toward the ABTC stock.
- The ABTC share price soared over 9% in the trading session on Tuesday.
The Wall Street milestone came this morning with a high-profile entry of American Bitcoin Corporation (NASDAQ, ABTC), a Bitcoin mining and treasury company founded by Eric Trump and Donald Trump Jr. Eric Trump also made an appearance at the headquarters of Nasdaq on September 16, where he rang the opening bell as the company entered the public markets earlier this month.
Eric Trump Pronounces Bitcoin “Modern-day Gold”
Before the event, Eric Trump reiterated the fact that Bitcoin was a generational asset. On CNBC, he described the cryptocurrency as the gold of the modern era, as it is secure, liquid, and has a history of good long-term returns.
He further noted that the trend of being adopted has moved away towards institutional investors, citing Fortune 500 firms and sovereign wealth funds that now have Bitcoin on their balance sheets. In the case of Trump, the increased momentum is a case that blockchain is cutting across the face of finance.
He believes that blockchain adoption is definitely the future of traditional finance. He cautioned that traditional institutions that fail to adapt will see a “slow and painful death.”
American Bitcoin’s Nasdaq Debut and Market Reception
The American Bitcoin started trading on September 3, under the ticker ABTC. On day one, the stock climbed over 60% to an all-time high of about $13 and fell to within the range of $9.50. On Tuesday, the ABTC stock price changed to $7.75, witnessing an increase of 9.49% in the day. Thus, the shares are still far above their original pricing despite the retracing, and the gain in the shares has been about 20% in the last 30 days.
At the time of Nasdaq debut in early September, Asher Genoot, the executive chair, rejoiced when the market capitalization of the company has already reached more than $5 billion. “We’re above $5 billion from a market cap perspective,” he said, noting that updated figures will be confirmed as Nasdaq reporting continues.
A Mining and Treasury Hybrid
American Bitcoin is an offshoot of the restructuring of Hut 8. Hut 8 provided most of its Bitcoin mining devices, including special ASIC chip,s as a form of equity in the new company at 80 per cent. That action enabled Hut 8 to shift to constructing data center services to artificial intelligence and cloud computing, putting American Bitcoin, a mining and treasury-related enterprise.
In order to get the firm to the open markets in a short time, the Trump family and Hut 8 agreed in an all-stock deal with Gryphon Digital Mining. Another financial step that the firm took was the sale of its stock privately, amounting to $220 million, which enhanced its financial strength to grow.
Trump Family’s Stake
Filings mentioned by Reuters argue that Eric Trump and Donald Trump Jr. control nearly 20% of ABTC, thus placing the family in a prominent role in the company. Eric Trump has packaged the venture as a strategic vehicle to attract investors who are interested in exposure to the digital asset market.
“I think ultimately it will become a Bitcoin proxy,” he said previously, according to a Fortune report. This statement indeed highlights the desire by the company to emulate the performance of Bitcoin in conventional equity form.
Trump also connected the adoption of crypto to his family with their interaction with large financial institutions in the U.S. The fact that the Trump Organization had been forced to deal with cases of being “debanked” confirmed to him the dangers of depending fully on legacy institutions.
“The experience showed us how fragile the system can be,” he added. When Eric Trump appeared on the Nasdaq stage this morning, he framed the moment as indicative of a larger change that he sees coming to finance, which would center on Bitcoin.
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