美國比特幣（ABTC）NASDAQ首次亮相：這款與特朗普相關的比特幣礦工的繁榮還是胸圍？

American Bitcoin Corp（ABTC）在納斯達克（Nasdaq）首次亮相，但它可以辜負炒作嗎？我們深入研究了股票的瘋狂旅程，與特朗普家族的聯繫以及比特幣國庫公司面臨的挑戰。

American Bitcoin Corp (ABTC) entered the public market with high hopes, but its initial days have been a rollercoaster. Let's break down the key events and what they mean for investors interested in Bitcoin miners and the Trump family's expanding crypto ventures.

美國比特幣公司（ABTC）寄予厚望，但最初的日子一直是過山車。讓我們分解關鍵事件，以及他們對對比特幣礦工和特朗普家族不斷擴大的加密貨幣的投資者的意義。

ABTC's Nasdaq Debut: A Rocky Start

ABTC的納斯達克首次亮相：一個艱難的開局

Wednesday saw ABTC shares initially surge, even hitting a high of $14.65, before closing its first day of trading on the Nasdaq up 16.5% at $8.04. However, the optimism was short-lived. By Thursday, the stock price tumbled 15% to $6.83, dipping below its initial public offering (IPO) price of $6.90. This volatility is pretty standard for newly public companies, but it raises questions about ABTC's long-term prospects.

週三，ABTC股票最初激增，甚至達到14.65美元，然後結束了納斯達克股票的第一天，以8.04美元的價格上漲了16.5％。但是，樂觀是短暫的。到週四，股價下跌15％至6.83美元，低於其首次公開募股（IPO）價格為6.90美元。對於新的上市公司而言，這種波動性是非常標準的，但它引發了有關ABTC的長期前景的疑問。

Trump Family's Crypto Play: A Billion-Dollar Stake

特朗普家族的加密戲：十億美元的股份

Here's where things get interesting. Eric Trump and Donald Trump Jr. reportedly own about 20% of American Bitcoin. At the closing price on its debut day, that stake was valued at a cool $1.5 billion. When the stock peaked, their holdings were briefly worth $2.6 billion. Eric Trump is even the co-founder and chief strategy officer, positioning himself as a key spokesperson for the crypto space. He believes crypto is taking up at least 50% of his work time, and has been actively promoting it globally.

這是事情變得有趣的地方。據報導，埃里克·特朗普（Eric Trump）和唐納德·特朗普（Donald Trump Jr.）擁有約20％的美國比特幣。在首次亮相當天的收盤價時，該股份的價值為15億美元。當股票達到頂峰時，他們的股份短暫價值26億美元。埃里克·特朗普（Eric Trump）甚至是聯合創始人兼首席戰略官，將自己定位為加密貨幣空間的主要發言人。他認為，加密貨幣至少佔用了他的工作時間的50％，並且一直在積極地在全球範圍內推廣。

Doubts and Risks: Why the Skepticism?

懷疑和風險：為什麼要懷疑？

Despite the hype, some investors are wary. ABTC's market capitalization sits around $6.2 billion, while its Bitcoin holdings are valued at roughly $267 million. This creates a significant valuation gap. Can ABTC's mining operations and treasury strategy justify this premium? Plus, the Trump family's recent crypto ventures, like World Liberty Financial, have seen dramatic drops after their initial peaks, adding to investor caution. Concerns about potential conflicts of interest, with the Trump family profiting from crypto while allegedly influencing regulations, also linger.

儘管有炒作，但一些投資者還是謹慎的。 ABTC的市值約為62億美元，其比特幣持有量約為2.67億美元。這會產生重大的估值差距。 ABTC的採礦業務和財政戰略可以證明這一溢價是合理的嗎？另外，特朗普家族最近的加密貨幣（如世界自由金融）在最初的高峰之後看到了巨大的下降，這增加了投資者的謹慎。對潛在利益衝突的擔憂，特朗普家庭從加密貨幣中獲利，同時據稱影響了法規。

Bitcoin Treasury Strategy: Is It Sustainable?

比特幣國庫策略：這是可持續的嗎？

ABTC is pursuing a Bitcoin treasury strategy, aiming to accumulate and hold Bitcoin long-term, alongside its mining operations. This approach intends to buffer against the revenue swings inherent in mining. However, this strategy isn't unique. The Bitcoin treasury market is getting crowded, making it harder for individual companies to stand out. Moreover, other companies with similar strategies, like MicroStrategy and Metaplanet, have seen their stock prices decline.

ABTC正在採用比特幣國庫策略，旨在長期積累和持有其採礦業務。這種方法打算緩衝採礦固有的收入波動。但是，這種策略並不獨特​​。比特幣國庫市場越來越擁擠，使各個公司更難脫穎而出。此外，其他具有類似策略的公司，例如MicroStrategy和Metaplanet，它們的股價下跌。

Mining Capacity Expansion: A Bright Spot?

採礦能力擴展：亮點？

On the plus side, American Bitcoin has significantly expanded its mining capacity, increasing its Bitcoin mining hashrate from approximately 10 EH/s to 24 EH/s. This expansion involves acquiring and energizing around 14 EH/s of additional installed hashrate. Also, the company's cost of revenue per Bitcoin mined was about 50% of revenue per Bitcoin mined in Q2 2025. This demonstrates strong operational efficiency in the mining process.

從好的方面來說，美國比特幣已大大擴大了其採礦能力，將其比特幣採礦的哈希材料從大約10 EH/s增加到24 EH/s。這種擴展涉及獲取和充滿額外的安裝哈希酸鹽和能量。此外，該公司每比特幣開采的收入成本約為第2季度2025年收入的50％。這表明採礦過程中的運營效率很高。

Final Thoughts: Watch This Space

最終想法：觀看這個空間

American Bitcoin's Nasdaq debut has been a wild ride, blending the excitement of crypto with the complexities of a newly public company and the Trump family's brand. Whether it becomes the "greatest treasury company ever built," as Eric Trump boldly claims, remains to be seen. But one thing's for sure: this story is far from over, and it's worth keeping a close eye on ABTC as it navigates the volatile world of Bitcoin mining and the public markets.

美國比特幣的納斯達克（Nasdaq）首次亮相是一次瘋狂的旅程，將加密貨幣的興奮與新的上市公司和特朗普家族的品牌的複雜性融為一體。正如埃里克·特朗普（Eric Trump）大膽地聲稱的那樣，它是否成為“有史以來最偉大的財政公司”，仍然有待觀察。但是可以肯定的是：這個故事還遠遠沒有結束，值得密切關注ABTC，因為它導航了比特幣採礦和公共市場的動盪世界。

So, grab your popcorn, folks! This crypto saga is just getting started. Who knows, maybe we'll all be mining Bitcoin in our basements next year. Or maybe not. Only time (and the blockchain) will tell!

所以，抓住你的爆米花，伙計們！這個加密傳奇剛剛起步。誰知道，也許明年我們都會在地下室裡採礦比特幣。也許不是。只有時間（和區塊鏈）會告訴！