American Bitcoin, backed by Trump's oldest sons, slides following Nasdaq debut
04/09/2025 12:50
** Shares of American Bitcoin ABTC.O, backed by U.S. President Donald Trump's oldest sons, fall 8.5% to $7.35 premarket a day after their Nasdaq debut ** The bitcoin miner said it has nearly doubled its mining capacity to 24 exahash-per-second (EH/s) from 10 EH/s earlier ** The company is around 20% owned by Eric Trump and Donald Trump Jr, ABTC Executive Chairman Asher Genoot said earlier ** ABTC is among several forays by the Trump family into crypto which has drawn criticisms from Democratic lawmakers and government ethics watchdogs about conflicts of interests ** Eric Trump, the second son of Trump, dismissed such criticisms on Wednesday as "insane" ** In the first day of trading following a SPAC merger, ABTC surged as much as $14.52 before closing at $8.04 (Reporting by Medha Singh) ((medha.singh@thomsonreuters.com))