Shares of Trump-Tied Bitcoin Firm Drop Below IPO Level After Sharp 15% Selloff

Trump-Linked Miner American Bitcoin Slips Below IPO Price

Shares of American Bitcoin (ABTC) dropped 15% on Thursday, closing at $6.83 and sliding below the company’s $6.90 Nasdaq IPO price just a day after its debut. The selloff followed a volatile first session in which the stock surged to $14.65 before reversing sharply.

American Bitcoin is 80% owned by Hut 8 and 20% by Donald Trump Jr. and Eric Trump. The miner went public Wednesday through its merger with Gryphon Digital Mining (GRYP) and simultaneously announced plans for an at-the-market equity raise of up to $2.1 billion to expand its bitcoin treasury.

The company currently holds 2,443 BTC worth about $269 million at current prices. Like peers Marathon Digital (MARA) and Riot Platforms (RIOT)—both of which also traded lower Thursday—ABTC combines mining with a strategy of stockpiling bitcoin to offset revenue swings.

Bitcoin itself slipped 2% over the past 24 hours to $110,726, while U.S. equities advanced, with both the S&P 500 and Nasdaq posting gains.

Mining competition remains fierce, with energy costs eroding margins and hardware makers like Bitmain flooding the market with new rigs. To stay competitive, miners are turning to diversification in areas such as AI computing and data centers, while leaning on BTC reserves as a buffer against volatility.