Greg Guenthner:

American Bitcoin, Backed by President Trump’s Sons, Listed on the Nasdaq

American Bitcoin, a bitcoin mining and treasury company backed by President Trump's sons Eric and Donald Jr., listed on the Nasdaq this morning under the ticker symbol ABTC.

"Our Nasdaq debut marks a historic milestone in bringing Bitcoin into the core of U.S. capital markets and advancing our mission to make America the undisputed leader of the global Bitcoin economy," Eric Trump, American Bitcoin’s co-founder and chief strategy officer, said in a press release statement.

First launched as a subsidiary of publicly traded bitcoin mining firm Hut 8 (HUT), American Bitcoin began trading at $6.90 per share through an all-stock merger with Gryphon Digital Mining (GRYP). The stock surged as much as 90% in its first hour of trading before settling back. It was up over 40% by 11 am New York time.

American Bitcoin shareholders, including Eric Trump, his brother Donald Trump Jr., and Hut 8, own 98% of the company.

The listing kicks off the second major event the Trump brothers have headlined this week in bringing crypto to the capital markets. On Monday, the token for a crypto venture called World Liberty Financial (WLFI), which has ties to Trump's family, listed on crypto exchanges.

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Enrique Abeyta:

OpenAI May Have Accidentally Saved Google From Being Broken Up by the DOJ

Google just dodged the breakup of some of its key businesses, and it has an unlikely competitor to thank: OpenAI.

A federal judge ruled Tuesday that generative AI's rise has made search more competitive, undermining the Justice Department's case for carving up Google's empire, which could have seen products like YouTube or Chrome become totally independent companies.

In Judge Amit Mehta's decision on Tuesday, the rise of generative AI brought about by OpenAI's ChatGPT was repeatedly mentioned for making the search business more competitive than ever. That weakened the case for radically restructuring Google's operations.

Judge Mehta wrote that while generative AI hasn't displaced Googling yet, AI startups could "end up being game changers."

In its statement on Judge Mehta's decision, Google said the ruling correctly recognizes how much the industry has changed because of the advent of AI, which is giving people so many more ways to find information.

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Ray Blanco:

China’s Unitree Robotics to Apply for IPO in Fourth Quarter

Unitree Robotics said the Chinese robotics startup will apply to go public in the fourth quarter of this year.

“The company is actively advancing preparations for its initial public offering," Unitree said yesterday in a post on social media platform X. The Hangzhou-based firm expects to file between October and December, when relevant operating data will be disclosed, but did not identify any particular bourse.

Sales of quadruped robots, humanoid robots, and component products account for about 65%, 30%, and 5%, respectively, of Unitree’s sales, it noted.

Around 80% of the quadruped robots were used in research, education, and consumer fields, with the remaining 20% used in industrial areas, including inspection and firefighting, Unitree added. Humanoid robots were entirely used in research, education, and consumer fields.

Founded in 2016, Unitree has a registered capital of CNY364 million (USD51 million). Unitree’s investors include Meituan, Tencent Holdings, Alibaba Group Holding, and more. Its latest valuation exceeded CNY10 billion (USD1.4 billion).