The Trump family’s involvement in digital assets took a dramatic step forward this week after their new mining company, American Bitcoin, began trading on the Nasdaq. The launch sparked a buying frenzy that temporarily doubled the firm’s value and boosted the wealth of Donald Trump’s sons.
Unlike a typical debut, trading was volatile — the stock price initially surged more than 110%, hitting $14.52 at its peak, before cooling to $8.04 by the session’s end. Even after the pullback, the company was valued near $7.7 billion following its merger with Gryphon Digital Mining. According to regulatory filings, this left Eric Trump and Donald Trump Jr. with a combined paper fortune of around $1.5 billion, based on 908.6 million outstanding shares.
Aiming to Build “The Greatest Bitcoin Company”
At a crypto conference in Hong Kong earlier this year, Eric Trump spoke about the venture’s ambitions, saying that the company intends to accumulate and mine Bitcoin aggressively. He expressed confidence that demand for the asset will keep climbing, even projecting that Bitcoin could reach $1 million in the future.
Currently, American Bitcoin operates about 6,000 mining machines. Most of this equipment was imported from China, making it subject to tariffs introduced during Donald Trump’s presidency.
Growth Strategy and Rebranding
To support expansion, the firm has filed for a $2.1 billion stock offering with participation from banks including Cantor Fitzgerald and Mizuho Securities. The funds are earmarked for buying additional Bitcoin reserves and upgrading mining capacity.
American Bitcoin was previously known as American Data Centers but rebranded earlier this year through a partnership with Hut 8 Mining. Its business model resembles that of MicroStrategy (now Strategy), which has built a market capitalization of over $100 billion by heavily investing in Bitcoin.
