American Bitcoin Company With Trump Ties Falls Under IPO Value Following 15% Slide

American Bitcoin Slips Below IPO Price in Second Day of Trading

American Bitcoin (ABTC), the Trump-affiliated bitcoin miner, fell 15% on Thursday to $6.83, slipping under its $6.90 IPO price just a day after listing on Nasdaq. The drop followed a volatile debut that saw shares rally to $14.65 before reversing.

The company, majority-owned by Hut 8 (80%) with a 20% stake held by Donald Trump Jr. and Eric Trump, went public through its merger with Gryphon Digital Mining (GRYP). Alongside its market debut, ABTC filed for an at-the-market equity raise of up to $2.1 billion to bolster its bitcoin treasury.

Currently, the miner holds 2,443 BTC valued at roughly $269 million. Its strategy of pairing mining with direct bitcoin accumulation mirrors peers like Marathon Digital (MARA) and Riot Platforms (RIOT), both of which also traded lower Thursday.

Bitcoin itself slipped 2% in the past 24 hours to $110,726, in contrast with gains in the Nasdaq and S&P 500. The selloff underscores ongoing headwinds for miners, where high power costs, rising network difficulty, and new hardware competition from firms like Bitmain pressure margins and drive diversification into AI and data centers.