The Nasdaq Stock Exchange halted trading of American Bitcoin (ABTC) five times on Wednesday due to a surge in volatility on the stock's relisting day.
ABTC is a Bitcoin (BTC) mining company co-founded by Eric Trump and Donald Trump Jr. The stock price soared nearly 85% after American Bitcoin completed a stock merger with another crypto mining company, Gryphon Digital Mining, reaching an intraday high of $14 per share.
Trading of ABTC was first paused at 3:09:35 PM for 10 minutes, then again at 3:20:11 PM, followed by two more pauses at 3:30:54 PM and 3:40:12 PM.
The most recent trading halt occurred at 3:47:58 PM (UTC); however, according to the New York Stock Exchange (NYSE), trading has resumed, and ABTC shares are currently priced at about $9.80.
The frenzy surrounding American Bitcoin's first day of trading reflects Wall Street's growing interest in digital asset companies and mining firms, as the crypto industry matures and competes for institutional investment.
American Bitcoin went public through a full stock merger with Gryphon. This deal, disclosed at the end of August, provided a faster route for the Trump family company to enter the U.S. market.
Crypto companies are increasingly reaching out to U.S. investors through mergers, particularly via Special Purpose Acquisition Companies (SPACs)—a tool that allows private companies to go public by merging with an existing publicly traded "blank check" company.
These SPACs are not operating businesses; they exist solely to find suitable private companies for merger, providing a way for companies to go public without undergoing the lengthy and costly initial public offering (IPO) process.
In August, digital asset investment firm Parataxis announced plans to go public through a merger with SilverBox Corp IV's SPAC. After the deal is completed, the new company will be listed under the name Parataxis Holdings (PRTX).
Investor Chamath Palihapitiya applied for a SPAC named "American Exceptionalism Acquisition Corp A," a $250 million blank check company focused on decentralized finance (DeFi), artificial intelligence, and energy.
The technology company Trump Media and Technology Group, co-founded by former President Donald Trump, announced in August a $6.4 billion SPAC deal with Crypto.com to establish the Cronos (CRO) treasury company.
Related: "Family Coin" Test: The Market Logic and Governance Challenges of the Trump Family's Crypto Project
Original article: “Trading of Trump-Related American Bitcoin (ABTC) Halted Five Times on Volatility Surge on Its Debut”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
