The stock rose 9% to $2.39 after a wave of selling wiped out much of its value on Tuesday following the first unlocking of pre-merger shares, the company said on X.com.
AmericanBitcoin, a majority-owned subsidiary of Hut 8 Corp, is one of several crypto ventures linked to the Trump family that began trading on Nasdaq in September following a reverse merger with Gryphon Digital Mining.
Eric Trump serves as the company’s co-founder and chief strategy officer, while Donald Trump is a junior shareholder.
“We expect the next few days to be chaotic as those shares find new homes,” American Bitcoin President Matt Prusak wrote on X.com.
In a separate post on X.com, Hut 8 CEO and American Bitcoin executive chairman Asher Jeannot said that Hut 8, along with Eric and Donald Trump Jr. and other founding partners, did not participate in the unlock and continued to hold their shares.
American Bitcoin did not immediately respond to a Reuters request for comment.
Global risk aversion puts heavy pressure on digital assets, affecting crypto ventures associated with the Trump family.
The $TRUMP and $MELANIA memecoins launched earlier this year are down 92% and 99%, respectively, from their peaks. Trump Media and Technology Group, which has raised billions of dollars to buy bitcoin, is down 67% year to date.
As a trusted and reliable news source
Add now!
(You can now subscribe to our ETMarkets WhatsApp channel)