美国比特币（ABTC）NASDAQ首次亮相：这款与特朗普相关的比特币矿工的繁荣还是胸围？

American Bitcoin Corp（ABTC）在纳斯达克（Nasdaq）首次亮相，但它可以辜负炒作吗？我们深入研究了股票的疯狂旅程，与特朗普家族的联系以及比特币国库公司面临的挑战。

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.

美国比特币公司（ABTC）寄予厚望，但最初的日子一直是过山车。让我们分解关键事件，以及他们对对比特币矿工和特朗普家族不断扩大的加密货币的投资者的意义。

ABTC's Nasdaq Debut: A Rocky Start

ABTC的纳斯达克首次亮相：一个艰难的开局

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.

周三，ABTC股票最初激增，甚至达到14.65美元，然后结束了纳斯达克股票的第一天，以8.04美元的价格上涨了16.5％。但是，乐观是短暂的。到周四，股价下跌15％至6.83美元，低于其首次公开募股（IPO）价格为6.90美元。对于新的上市公司而言，这种波动性是非常标准的，但它引发了有关ABTC的长期前景的疑问。

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

特朗普家族的加密戏：十亿美元的股份

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.

这是事情变得有趣的地方。据报道，埃里克·特朗普（Eric Trump）和唐纳德·特朗普（Donald Trump Jr.）拥有约20％的美国比特币。在首次亮相当天的收盘价时，该股份的价值为15亿美元。当股票达到顶峰时，他们的股份短暂价值26亿美元。埃里克·特朗普（Eric Trump）甚至是联合创始人兼首席战略官，将自己定位为加密货币空间的主要发言人。他认为，加密货币至少占用了他的工作时间的50％，并且一直在积极地在全球范围内推广。

Doubts and Risks: Why the Skepticism?

怀疑和风险：为什么要怀疑？

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.

尽管有炒作，但一些投资者还是谨慎的。 ABTC的市值约为62亿美元，其比特币持有量约为2.67亿美元。这会产生重大的估值差距。 ABTC的采矿业务和财政战略可以证明这一溢价是合理的吗？另外，特朗普家族最近的加密货币（如世界自由金融）在最初的高峰之后看到了巨大的下降，这增加了投资者的谨慎。对潜在利益冲突的担忧，特朗普家庭从加密货币中获利，同时据称影响了法规。

Bitcoin Treasury Strategy: Is It Sustainable?

比特币国库策略：这是可持续的吗？

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正在采用比特币国库策略，旨在长期积累和持有其采矿业务。这种方法打算缓冲采矿固有的收入波动。但是，这种策略并不独特。比特币国库市场越来越拥挤，使各个公司更难脱颖而出。此外，其他具有类似策略的公司，例如MicroStrategy和Metaplanet，它们的股价下跌。

Mining Capacity Expansion: A Bright Spot?

采矿能力扩展：亮点？

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.

从好的方面来说，美国比特币已大大扩大了其采矿能力，将其比特币采矿的哈希材料从大约10 EH/s增加到24 EH/s。这种扩展涉及获取和充满额外的安装哈希酸盐和能量。此外，该公司每比特币开采的收入成本约为第2季度2025年收入的50％。这表明采矿过程中的运营效率很高。

Final Thoughts: Watch This Space

最终想法：观看这个空间

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.

美国比特币的纳斯达克（Nasdaq）首次亮相是一次疯狂的旅程，将加密货币的兴奋与新的上市公司和特朗普家族的品牌的复杂性融为一体。正如埃里克·特朗普（Eric Trump）大胆地声称的那样，它是否成为“有史以来最伟大的财政公司”，仍然有待观察。但是可以肯定的是：这个故事还远远没有结束，值得密切关注ABTC，因为它导航了比特币采矿和公共市场的动荡世界。

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，伙计们！这个加密传奇刚刚起步。谁知道，也许明年我们都会在地下室里采矿比特币。也许不是。只有时间（和区块链）会告诉！