American Bitcoin Stock Falls Below IPO Price After 15% Drop
American Bitcoin (ABTC), the newly listed bitcoin miner tied to the Trump family, fell 15% on Thursday to $6.83, slipping under its $6.90 Nasdaq IPO price just one day after its debut. The stock had surged to $14.65 during its opening session before giving back gains in a sharp reversal.
The company is 80% owned by Hut 8 and 20% by Donald Trump Jr. and Eric Trump. It went public via a merger with Gryphon Digital Mining (GRYP) and announced an at-the-market equity raise of up to $2.1 billion to expand its bitcoin holdings.
ABTC holds around 2,443 BTC valued near $269 million. Its strategy combines mining with a bitcoin treasury approach similar to Marathon Digital (MARA), which lost 3% Thursday, and Riot Platforms (RIOT), also trading lower.
Bitcoin declined 2% to $110,726 in the past 24 hours, while broader U.S. equities moved higher. The miner’s drop highlights the industry’s challenges, where high power costs, rising network difficulty, and relentless competition from new hardware force operators to diversify into areas like AI computing and data centers while relying on BTC reserves as a cushion.
