Shares of American Bitcoin are trading higher this week after Dominari Holdings revealed a $171 million stake. The bitcoin miner backed by President Donald Trump's sons debuted on the Nasdaq last Wednesday.
Dominari Holdings on Tuesday announced that it holds nearly 23.2 million shares of American Bitcoin, after the miner listed on the Nasdaq last week. Dominari's position is valued at about $171.67 million based on ABTC's Sept. 5 closing price of $7.40.
Dominari CEO Anthony Hayes in the release said that he is "excited" to see American Bitcoin trading and that its public listing is a "significant milestone."
ABTC stock rose 9% in premarket trade.
Shares of American Bitcoin began trading on Sept. 3 after completing its stock-for-stock merger with Gryphon Digital Mining.
Alongside the Sept. 3 debut, American Bitcoin also filed to sell as much as $2.1 billion of stock through an at-the-market offering. ABTC stock jumped as much as 110% intraday following its debut, then closed with a nearly 17% gain.
Trump Family Expands Crypto Empire With $6.4 Billion Venture
"Our Nasdaq debut marks a historic milestone in bringing bitcoin in to the core of U.S. capital markets and advancing our mission to make America the undisputed leader of the global bitcoin economy," American Bitcoin cofounder and Chief Strategy Officer Eric Trump said at launch.
American Bitcoin was formed in March via a merger between Hut 8 and American Data Centers, which was backed by Eric Trump and Donald Trump Jr. Hut 8 received 80% ownership in the company in exchange for "substantially all" of its bitcoin mining equipment.
Existing American Bitcoin stockholders, including Hut 8, Eric and Donald Trump Jr., owned about 98% of the combined company after completing the merger.
American Bitcoin Stock
ABTC stock declined 4.7% on Wednesday, reversing from its more than 7% surge in early trade. American Bitcoin advanced 11.6% on Tuesday.
Shares climbed the past three trading days.
American Bitcoin has rallied about 28% since its Nasdaq debut through Tuesday, according to MarketSurge data.
Dominari stock declined 4.3%. Hut 8 stock jumped 5.6%.
Meanwhile, bitcoin on Wednesday morning climbed near $113,600, pushing its year-to-date gain to around 22%.
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