- American Bitcoin shares fall to $6.45, below $6.90 IPO price, after spiking to $14.65 on debut on Wednesday.
- WLFI drops 12.9% Thursday, now 44% below early-week peak after debut listings on major centralized exchanges this week.
American Bitcoin’s first week on Nasdaq turned volatile. The miner’s shares, listed under “ABTC,” fell to $6.45 on Thursday, dropping below the $6.90 IPO price. A day earlier, the stock had spiked to $14.65 before closing at $8.00.
At those marks, public filings implied the 20% stake held by Eric Trump and Donald Trump Jr. briefly reached $2.6 billion, then settled near $1.5 billion by Wednesday’s close.
The reversal aligned with a broader crypto pullback
Bitcoin traded near $110,000, down 1.6% over 24 hours, and crypto-treasury names eased: MARA declined 4.6%, Strategy slid 1.22%, and Bitmine fell 6.7% on the day. Meanwhile, WLFI—another Trump-linked asset—fell 12.9% Thursday and now sits 44% below its early-week peak of $0.3313 after debuting on major centralized exchanges.
American Bitcoin, founded in early 2025, plans to mine in New York, Alberta, and Texas using Hut 8 Corp. technology; Hut 8 owns 80% of the company. The miner reports a treasury of 2,443 BTC (about $269 million at current prices). Moreover, the firm announced a $2.1 billion equity sale to acquire additional bitcoin and mining equipment, reinforcing its treasury-accumulation strategy.
Regulatory context may also be weighing on sentiment. Reports indicate Nasdaq is reviewing oversight for issuers raising funds primarily to buy crypto. Since January 2025, 154 U.S. companies have outlined plans to raise roughly $98.4 billion for digital-asset accumulation. In this environment, investors are scrutinizing dilution risk, treasury transparency, and the link between bitcoin prices and miner equity valuations.
Even so, company executives defended the approach. Eric Trump characterized American Bitcoin as a contributor to U.S. crypto infrastructure and dismissed conflict-of-interest claims.
For traders, the path is straightforward: watch $6.90 as a reference level, track bitcoin’s tone, and monitor any updates on the equity raise. If BTC stabilizes and capital costs remain manageable, sentiment could steady; otherwise, pressure may persist across crypto-linked equities.
