Shares in a bitcoin venture backed by Eric Trump rose as much as 110 per cent before retreating on its market debut as the president’s son said he hoped to create “the greatest bitcoin company on Earth”.
American Bitcoin, which was co-founded by Eric Trump to mine and hoard bitcoin, ended Wednesday up 14 per cent after completing an all-stock merger with Nasdaq-listed Gryphon Digital Mining.
The share price gain pushed the company’s market capitalisation to about $7.7bn. Eric and Donald Trump Jr, another of the president’s sons, are major stakeholders.
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