Trump Bros’ US Bitcoin shares are rising after third-quarter sales spike

Shares of publicly traded Bitcoin treasury and mining company American Bitcoin are rising on Friday, despite other major miners taking a hit.

The Nasdaq-listed company, which trades under the ABTC ticker and is led by President Donald Trump’s sons, fell to a low of $4.50 in New York on Friday morning before surging to the most recent level of $4.83. That’s an increase of about 2% from the past day, according to data from Yahoo Finance. Over the past five days, ABTC is up about 4%.

U.S. Bitcoin posted third-quarter profits on Friday and said revenue more than doubled from the same period last year in its first financial results since going public in September.

“It’s an incredibly exciting asset class, and I believe in Bitcoin with every aspect of my heart and soul,” says Eric Trump said in a Friday interview with Yahoo Finance. Eric Trump is the company’s co-founder and Chief Strategy Officer, while Donald Trump Jr. is a shareholder of the company.

According to Eric Trump, the company wants to be the best and “most efficient” Bitcoin miner in the US.

Bitcoin mining stocks are experiencing increased volatility as the price of the leading digital coin has taken a hit. Bitcoin fell below $95,000 per coin on Friday – a six-month low – and recently traded at $95,154, CoinGecko data shows, a dip of 3.5% on the day.

Investors have typically purchased mining stocks to gain exposure to the crypto space, but now, as more and more mining operations focus on the high-performance computing space, they are becoming a more attractive option for a broader group of technology investors.

American Bitcoin is not (yet) one of those miners, but it has become a Bitcoin treasury. The company now owns more than 4,000 Bitcoin, worth approximately $381 million; investors can buy shares of its stock to gain exposure to the asset.

American Bitcoin emerged when the Trump brothers merged earlier this year their own corporate entity with Hut 8, a miner headquartered in Canada. The joint venture then continued combine with Gryphon Digital Mining via a stock-for-stock merger. Gryphon was already publicly traded.

The company is one of more than 200 publicly traded companies – many outside the crypto industry – following the approach of Nasdaq-listed companies. Strategywhich has amassed the world’s largest crypto treasury, valued at over $62 billion.

Strategy (formerly MicroStrategy) pivoted from software development to buy Bitcoin in August 2020 to generate better returns for its shareholders as its stock price plummeted.