American Bitcoin Gains 60% After Nasdaq Debut, Plans $2.1B Share Sale

Trump-Backed American Bitcoin Surges 60% After Nasdaq Listing, Eyes $2.1B Equity Raise

American Bitcoin (ABTC), a bitcoin mining and treasury firm backed by Donald Trump Jr. and Eric Trump, officially debuted on Nasdaq 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, intended to expand its bitcoin holdings, which totaled 2,443 BTC at the time of the merger.

Shares skyrocketed 60% to $11, up from the $6.90 merger price on Tuesday evening, reflecting strong investor interest.

American Bitcoin’s formation began in March, combining the Trump brothers’ American Data Centers with Canadian mining firm Hut 8 (HUT), which now owns 80% of the publicly listed company.

The firm employs a hybrid model, pairing bitcoin mining with a corporate treasury strategy focused on asset accumulation. Since its launch, American Bitcoin has amassed 2,443 BTC, worth roughly $160 million at current market prices. This strategy mirrors approaches used by other prominent miners, including Marathon Digital, which integrate active mining with holding bitcoin as a balance-sheet asset.