Trump Bros’ American Bitcoin Stock Rises After Q3 Spike

American Bitcoin, a Bitcoin mining company backed by the Trump family, saw its Nasdaq-listed stock rise Friday despite broader declines in the crypto market. The firm, trading under the ticker ABTC, briefly fell to $4.50 before rebounding to $4.83, representing a roughly 2% daily increase and a 4% rise over the last five days, according to Yahoo Finance data.

The company reported its third-quarter results, revealing that revenue more than doubled compared to the year-earlier period. These are the company’s first financial results since its public listing in September.

“It’s an incredibly exciting asset class, and I believe in Bitcoin with every aspect of my heart and soul,” said Eric Trump, co-founder and chief strategy officer, in a Friday interview with Yahoo Finance. Donald Trump Jr. also holds a stake in the company.

The firm aims to be the most efficient Bitcoin miner in the U.S. and currently holds over 4,000 Bitcoin, valued at approximately $381 million.

Bitcoin mining stocks have experienced increased volatility, coinciding with a recent dip in the price of Bitcoin. Bitcoin fell below $95,000 on Friday, reaching a six-month low, and was last trading at $95,154, according to CoinGecko data, a 3.5% decline on the day.

American Bitcoin was formed through a series of mergers involving the Trump brothers’ business entity and Hut 8, followed by a combination with Gryphon Digital Mining via a stock-for-stock transaction. Gryphon was already publicly traded.

The company follows a trend initiated by Nasdaq-listed Strategy, which has accumulated a crypto treasury valued at more than $62 billion.

Strategy, formerly MicroStrategy, began accumulating Bitcoin in August 2020 to improve shareholder returns.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.