The Nasdaq debut of American Bitcoin generated headlines as shares surged 16.5% on the first day of trading, with an additional 5% gain in after-hours trading. The rally boosted the Trump family’s stake in the company to a valuation exceeding $1.5 billion. Eric Trump and Donald Trump Jr. collectively hold a 20% share in the firm, while Hut 8 controls the remaining 80%. The company aims to build a sizable treasury of digital assets while scaling up Bitcoin mining operations, leasing data centers from Hut 8 to support its strategy.

This listing follows other Trump family ventures in digital assets. Earlier this week, their financial platform, World Liberty Financial, launched its $WLFI token. However, the token stumbled in its market debut. Nonetheless, the family’s growing involvement in crypto has substantially bolstered their wealth in 2025, supported by a surge in digital asset prices and a wave of pro-crypto policies from the White House. Yet, these moves have drawn scrutiny, with critics pointing to possible conflicts of interest for President Trump.

Adding another layer of intrigue, the U.S. Securities and Exchange Commission (SEC) unveiled a sweeping regulatory agenda on Thursday. The SEC proposed new rules for the issuance and sale of digital assets, with potential exemptions and safe harbor provisions under consideration. The regulator also signaled openness to allowing cryptocurrencies to trade on national securities exchanges and alternative trading systems. SEC Chair Paul Atkins described the agenda as a “new day” for the commission, highlighting its focus on innovation, capital formation, and investor protection. The agency also pledged to streamline disclosure requirements to improve transparency and reduce risks for market participants.

Meanwhile, broader crypto prices tracked Bitcoin’s subdued momentum. Market participants remain focused on U.S. monetary policy, with growing expectations that the Federal Reserve may cut interest rates later this month. However, upcoming nonfarm payrolls data will test these assumptions, as labor market weakness and inflation remain central to Fed decision-making. Among major tokens, Ether slipped 0.8% to $4,381, XRP declined 1.1% to $2.82, Solana dropped 2%, and Cardano fell nearly 3%. Meme tokens also mirrored the cautious mood, with Dogecoin down 0.8% and $TRUMP losing 1.2%.

In summary, Bitcoin’s muted performance underscored investor hesitation ahead of key economic data and policy decisions. While the Trump-backed Nasdaq listing brought attention to crypto’s growing ties with mainstream markets, regulatory developments and macroeconomic factors remain the dominant forces shaping sentiment. The coming weeks, particularly the Fed’s interest rate decision, may determine whether cryptocurrencies can break out of their current holding pattern or continue to tread water.