American Bitcoin rose nearly 17% on its first day of trading, and the shares held by Eric Trump are now worth over $500 million

ChainCatcher news, according to The Block, the Trump family-related Bitcoin mining company American Bitcoin (stock code ABTC) rose nearly 17% on its first day of trading on Nasdaq, reaching $8.04 per share, with an intraday high of about $14. The stock had a trading volume of over 29 million shares on its first day on Nasdaq.

In contrast, recent cryptocurrency IPO projects Circle and Bullish, which went public at higher per-share prices, had trading volumes of 46 million shares and 58 million shares, respectively, on their first day. Eric Trump, the son of Trump, stated on Wednesday: "Essentially, we have an excellent mining business. Currently, our cost to mine Bitcoin is about half of the actual price of Bitcoin. We have fixed assets worth hundreds of millions of dollars, along with data centers as a backing… While others have to buy Bitcoin at market price, we can mine Bitcoin at a significantly lower price."

According to Bloomberg analysis, the successful listing of American Bitcoin means that the shares held by Eric Trump in the company are now worth over $500 million.