American Bitcoin Rockets 60% on Nasdaq Debut, Files $2.1B Share Offering
American Bitcoin (ABTC), a bitcoin mining and treasury company backed by Donald Trump Jr. and Eric Trump, made its public market debut Wednesday following its merger with Gryphon Digital Mining (GRYP).
The company immediately filed for an at-the-market equity offering of up to $2.1 billion to expand its bitcoin holdings, which totaled 2,443 BTC at the time of the merger.
Shares surged 60% to $11, up from the $6.90 merger price set Tuesday evening, signaling robust investor demand.
The firm’s rapid formation began in March through a combination of the Trump brothers’ American Data Centers and Canadian mining firm Hut 8 (HUT), which now controls 80% of the newly listed entity.
American Bitcoin follows a hybrid strategy, combining active bitcoin mining with a corporate treasury approach aimed at long-term accumulation. Since its inception, the company has amassed 2,443 BTC, worth roughly $160 million at current market prices. This model is similar to strategies employed by other major mining firms, such as Marathon Digital, which pair mining operations with holding bitcoin as a balance-sheet asset.
