American Bitcoin (NASDAQ: ABTC), a Bitcoin mining company affiliated with the Trump family, saw its stock price rise nearly 17% to $8.04 per share on its first day of trading on the Nasdaq, reaching an intraday high of around $14. Over 29 million shares traded on the Nasdaq in its first day of trading. By comparison, recent cryptocurrency IPOs Circle and Bullish, which went public at higher share prices, saw first-day trading volumes of 46 million and 58 million shares, respectively. Trump's son, Eric Trump, said on Wednesday: "Essentially, we have a great mining operation. Right now, our cost to mine Bitcoin is about 50% off the actual price of Bitcoin. We have hundreds of millions of dollars worth of fixed assets and data centers behind us... While others have to pay market price for Bitcoin, we can mine Bitcoin at a significant discount." According to Bloomberg analysis, American Bitcoin's successful IPO means Eric Trump's stake in the company is now worth over $500 million. (The Block)