Shares of the bitcoin miner—born of a merger between Canadian-founded Hut 8 and Eric Trump’s American Data Centers—were down 13 per cent per cent from their opening price Wednesday morning after going public through a reverse takeover with Gryphon Digital Mining (The Logic)

Talking point: American Bitcoin’s mashup of big names and buzzy strategies helped fuel a volatile first day of trading with its price per share swinging between US$14 and US$6.70. The firm plans to accumulate as much bitcoin as possible, both by mining it and using financialization tools to purchase it, joining a growing number of so-called “bitcoin treasury companies” that are taking a page from Michael Saylor’s company Strategy. Earlier this month, American Bitcoin announced it had raised US$220 million in cash and bitcoin from pre-selected investors in an oversubscribed sale of its stock. Watchdogs have raised concerns about the Trump family’s growing crypto interests as U.S. President Donald Trump introduces industry-friendly regulations.