American Bitcoin Soars 60% After Nasdaq Debut, Files $2.1B Share Sale
American Bitcoin (ABTC), the bitcoin mining and treasury company backed by Donald Trump Jr. and Eric Trump, began trading Wednesday on Nasdaq under the ticker ABTC, following its merger with Gryphon Digital Mining (GRYP).
The newly public firm wasted little time, filing for an at-the-market equity offering of up to $2.1 billion to expand its bitcoin holdings, which stood at 2,443 BTC at the time of the merger.
Shares surged 60% to $11, up from the $6.90 closing price set Tuesday evening, signaling strong investor demand.
American Bitcoin’s formation began in March through the combination of the Trump brothers’ American Data Centers and Canadian mining company Hut 8 (HUT), which now holds an 80% stake in the publicly listed entity.
The company employs a hybrid strategy of bitcoin mining paired with corporate treasury accumulation. Since launching earlier this year, American Bitcoin has amassed 2,443 BTC, valued at approximately $160 million at current prices. This approach mirrors strategies used by major mining firms such as Marathon Digital, which combine active mining with holding bitcoin on the balance sheet as a long-term asset.
About The Author
More Stories
DOGE drops to $0.18 amid long-term holder exits and a looming death-cross price pattern.
Asia Markets: Cautious Calm Settles Over Bitcoin as Risk Positions Rebuild
“Analyst Dubs It ‘Bitcoin’s Silent IPO’ While Dissecting Market Stagnation in Viral Essay”