Trading of the stock was halted twice in the opening hour, and the share price is down almost 50% from its early morning high.
Just days after the launch of World Liberty Financial, the Trumps are back for more, with American Bitcoin Corp (ticker: ABTC) going live on the Nasdaq today after its merger with mining company Gryphon Digital Mining.
The stock immediately skyrocketed to $13 when markets opened, and after trading was halted twice this morning, the stock has retraced the entire rally, and now changes hands at under $7.
Eric Trump, American Bitcoin’s CSO and co-founder, said, “Our Nasdaq debut marks a historic milestone in bringing Bitcoin into the core of U.S. capital markets and advancing our mission to make America the undisputed leader of the global Bitcoin economy.”
Following the merger, American Bitcoin will focus on scaling “disciplined accumulation strategies” as well as continuing the mining operations established by Gryphon. The company says its primary objective is to maximize “Bitcoin per share” through its market movements and discounted mining.
“American Bitcoin embodies the values that define American strength: freedom, transparency, and independence,” said Donald Trump Jr., the co-founder of World Liberty Financial and an ABTC stockholder.
Meanwhile, World Liberty Financial is struggling post-launch and is down more than 25% from its launch price to $0.22, or a $22 billion fully diluted valuation. It is worth noting that pre-sale contributors for the WLFI token are still up multiples on their contribution prices of $0.015 and $0.05.
