00:00It's Benzinga, bringing Wall Street to Main Street.
00:02American Bitcoin, a company backed by Eric Trump and Donald Trump Jr.,
00:05began trading on the Nasdaq last week.
00:07The company merged with a small-cap Bitcoin miner to bypass the IPO process.
00:11Shares opened at around $8, surged to $13,
00:14and settled just under $10 by midday on its first day.
00:17It reached a peak market cap of more than $7.5 billion,
00:20for a sliding to $6.3 billion per share.
00:23The company has laid out a three-part strategy
00:25that includes operating large-scale mining centers,
00:28accumulating Bitcoin using public market access,
00:31and leveraging the Trump brand to amplify value.
00:33Bitcoin body power has reached record highs.
00:36The costly energy and low transaction fees are squeezing profits.
00:39The price of energy remains the most critical factor for miners.
00:42For all things money, visit Benzinga.com.
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