The NASDAQ Stock Exchange has suspended trading in US Bitcoin (ABTC) and saw a surge in shares five times on Wednesday with stock relist debuts.
ABTC, a Bitcoin (BTC) mining company co-founded by Eric Trump and Donald Trump Jr., rose nearly 85%, earning an increase of $14 per share following the American Bitcoin stock merger and the American Bitcoin stock merger with another crypto mining company.
ABTC trading was first stopped at 3:09:35 UTC for 10 minutes, at 3:20:11 UTC, and two additional halted at 3:30:54 and 3:40:12.
ABTC trading has been suspended several times. sauce: New York Stock Exchange (NYSE)
The latest trading halt occurred at 3:47:58 UTC. However, according to the New York Stock Exchange (NYSE), trading has resumed, with ABTC stock currently trading hands for around $9.80.
The US debut in the Bitcoin trading frenzy reflects Wall Street’s growing appetite for digital asset companies and mining companies as the crypto industry matures and court institutional investments.
ABTC stocks reach $14 on a one-minute chart, going back to current levels. sauce: TradingView
Related: Once Crypto enters Wall Street Limelight, a bullish stock surge of 218% in its NYSE debut
Crypto Firms Eye merges to publish
American Bitcoin was made public through a merger of all shares with Griffon. The deal, disclosed in late August, gave Trump’s family companies a faster path to the US market.
Crypto companies are increasingly turning their eyes to mergers to reach American investors, particularly through special purpose acquisition companies (SPACS). This is a vehicle that can be made public by private companies by combining it with an existing, publicly available “blank check” company.
These SPACs are not operating and exist only to find a suitable private company to merge, offering a path to publishing without going through a long and expensive initial public offering (IPO) process.
In August, digital asset investment company Parataxis announced plans to make it public via SPAC merger with Silverbox Corp IV. Once the transaction is closed, the new company will be listed as Parataxis Holdings (PRTX).
Investor Chamath Palihapitiya has applied for a SPAC called “American Excembricism Acquisition Corp A.”
Trump Media and Technology Group, a high-tech company co-founded by US President Donald Trump, announced a $6.4 billion SPAC deal with Crypto.com in August to establish Cronos (CRO) Treasury Company.
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