American Bitcoin (ABTC) debuted on the Nasdaq stock market, facing a high level of volatility that led to multiple trading halts amidst a surge in share price.
ABTC's Nasdaq Debut
Shares of American Bitcoin (ABTC), a Bitcoin mining company co-founded by Donald Trump's sons, Eric and Donald Jr., surged by 85%, hitting $14 per share. Trading halted multiple times: first at 3:09:35 UTC for 10 minutes, again at 3:20:11 UTC, with further halts at 3:30:54 and 3:40:12.
Reasons Behind ABTC's Volatility
The uneven and rapid increase in ABTC shares reflects Wall Street's growing interest in digital assets and mining companies. Currently, shares are trading at about $9.80, according to the New York Stock Exchange.
Mergers of Crypto Companies as a Path to Market
American Bitcoin went public through a merger with Gryphon Digital Mining. This agreement, disclosed in late August, offers a faster pathway for companies to US markets. More crypto firms are opting for this method to go public, utilizing SPACs to avoid the complexities of the IPO process.
American Bitcoin's debut on Nasdaq showcased significant interest in the crypto industry. Along with the increasing number of mergers of crypto companies, potential new opportunities for expansion and investment may arise.
