American Bitcoin's stock price rose nearly 17% on its first day of trading, and Eric Trump's stake in the company is now worth more than $500 million.

American Bitcoin (ABTC), a Bitcoin mining company associated with the Trump family, saw its stock price surge 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 its first day on the Nasdaq. By comparison, recent cryptocurrency IPOs such as Circle and Bullish, which went public at higher prices, saw first-day trading volumes of 46 million and 58 million shares, respectively.