Trump Brothers' Bitcoin Company 'Stock Rollercoaster' [Crypto Briefing]

[Financial News] 'Trump Brothers' are participating as shareholders in the Bitcoin mining and reserve company 'American Bitcoin (ABTC)', which has shown extreme stock volatility just two days after entering Nasdaq.
According to foreign media and Investing.com on the 5th, American Bitcoin surged 110% intraday after entering Nasdaq on the 3rd (local time), but fell more than 20% the previous day. On the first day of listing, the stock closed at $8.04, up 16.52% from the previous trading day, but fell 20.27% to close at $6.41 the previous day. Currently, in pre-market trading, the price is set at $6.70 (4.52%). The market capitalization is $5.72 billion (about 7.95 trillion won).
American Bitcoin is owned by Donald Trump Jr. and Eric Trump, sons of President Donald Trump, with about 20% stake. Previously, American Bitcoin indirectly listed on Nasdaq through a merger with the Nasdaq-listed 'Gryphon Digital Mining'.
Eric Trump, co-founder and Chief Strategy Officer (CSO) of American Bitcoin, stated, "American Bitcoin's debut on Nasdaq will be a historic milestone that advances our mission to bring Bitcoin to the core of capital markets and make the United States the definitive leader in the global Bitcoin economy."
The core business model of American Bitcoin is Bitcoin mining and reserves, known as the 'Digital Asset Treasury (DAT)' strategy. A typical DAT case is the strategy of Strategy, a corporate data analytics company, which increased its corporate value by stockpiling massive amounts of Bitcoin.
However, the U.S. Nasdaq exchange recently announced plans to strengthen oversight of the purposes of virtual asset purchases and fundraising by listed companies. This is analyzed as a measure in response to more than 150 listed companies announcing DAT plans worth about $98.4 billion this year. It is observed that measures such as trading suspension will be taken if related regulations are violated.

elikim@fnnews.com Kim Mi-hee Reporter