3 hours ago
Trading of ABTC was halted 5 times connected Wednesday amid heightened terms volatility, with the stock pricing surging by 85% intraday.
The Nasdaq banal speech halted trading of American Bitcoin (ABTC) shares 5 times Wednesday arsenic volatility spiked connected the stock’s relisting debut.
Shares of ABTC, a Bitcoin (BTC) mining institution co-founded by Eric Trump and Donald Trump, Jr., climbed by astir 85%, hitting a precocious of $14 per stock during intraday trading, pursuing American Bitcoin’s stock merger with Gryphon Digital Mining, different crypto mining company.
ABTC trading was archetypal halted astatine 3:09:35 UTC for 10 minutes and again astatine 3:20:11 UTC, with 2 further halts astatine 3:30:54 and 3:40:12.
Trading of ABTC halted respective times. Source: New York Stock Exchange (NYSE)The astir caller trading halt occurred astatine 3:47:58 UTC; however, trading has since resumed, according to the New York Stock Exchange (NYSE), and shares of ABTC are presently swapping hands astatine astir $9.80.
American Bitcoin’s debut to a trading frenzy reflects Wall Street’s increasing appetite for integer plus firms and mining companies, arsenic the crypto manufacture matures and courts organization investment.
Shares of ABTC surge to $14 connected the one-minute illustration earlier retracing to existent levels. Source: TradingViewRelated: Bullish banal surges 218% successful NYSE debut arsenic crypto enters Wall Street limelight
Crypto firms oculus merges to spell public
American Bitcoin went nationalist done an all-stock merger with Gryphon. The deal, disclosed successful precocious August, gave Trump’s household institution a faster pathway to US markets.
Crypto companies are progressively turning to mergers to scope American investors, peculiarly done peculiar intent acquisition companies (SPACs) — vehicles that let backstage companies to spell nationalist by combining with existing publically traded “blank check” companies.
These SPACs are not operating businesses and lone beryllium to find a suitable backstage institution to merge with, offering an avenue to spell nationalist without having to spell done the lengthy and costly archetypal nationalist offering (IPO) process.
In August, Parataxis, a integer plus concern firm, announced plans to spell nationalist via a SPAC merger with SilverBox Corp IV. Once the woody closes, the caller institution volition beryllium listed arsenic Parataxis Holdings (PRTX).
Investor Chamath Palihapitiya filed for a SPAC called “American Exceptionalism Acquisition Corp A,” a $250 cardinal blank cheque company focused connected decentralized concern (DeFi), artificial intelligence, and energy.
Trump Media and Technology Group, a tech institution co-founded by US president Donald Trump, announced a $6.4 cardinal SPAC deal with Crypto.com to acceptable up a Cronos (CRO) treasury institution successful August.
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