- American Bitcoin (ABTC) debuted on Nasdaq, swinging between $7.59 and $14 before closing at $9.24.
- Backed by Eric and Donald Trump Jr., ABTC now holds over $220M in TRX and filed to raise $2.1B for more BTC.
- The firm mirrors hybrid strategies like Marathon, mining and holding Bitcoin, while leaning on Hut 8’s infrastructure.
American Bitcoin (ABTC) made its big entrance on Nasdaq this Wednesday, opening around $8 a share after finalizing its merger with Gryphon Digital Mining. The excitement was immediate — and so was the chaos. The stock moved fast, bouncing between $7.59 and $11 before halts hit the brakes multiple times. At one point, ABTC spiked to $14 before volatility triggers froze trading again. By the end of the session, shares had cooled to about $9.24.
Trump Family and Hut 8 Take Majority Control
This isn’t just another crypto stock listing. American Bitcoin comes with the backing of Eric Trump and Donald Trump Jr., who now hold majority control alongside Hut 8 (HUT), the Canadian Bitcoin mining heavyweight. After the merger, Trump-linked shareholders and Hut 8 command roughly 98% of the new entity, leaving just 2% for former Gryphon investors. Hut 8 itself slipped a little in trading, down as much as 2.1% in the morning. Over on Stocktwits, retail sentiment flipped from bullish to neutral within hours, showing traders weren’t quite sure what to make of the volatility.
SEC Filing Targets $2.1 Billion Bitcoin Treasury Expansion
The company wasted no time in aiming higher. ABTC filed with the SEC for an at-the-market equity raise worth up to $2.1 billion, with the intention of expanding its Bitcoin treasury. At present, it already holds about 2,443 BTC, roughly $160 million at today’s $111,200 price tag. The strategy is straightforward: mine more Bitcoin, accumulate more Bitcoin, and scale the reserves while the opportunity window remains open.
Hybrid Mining and Treasury Model Sets ABTC Apart
American Bitcoin says it’s leaning on Hut 8’s infrastructure and advanced mining rigs to cut costs and build a war chest of BTC. The approach — part mining, part treasury — isn’t totally new. Firms like Marathon Digital (MARA) already play this hybrid game. But with the Trump family’s involvement and the Nasdaq spotlight, ABTC’s debut carries a bit more weight in the eyes of both Wall Street and the crypto community.
Bitcoin Price Holds Steady as Traders Watch ABTC
For now, Bitcoin itself is holding steady, up 0.3% in the last 24 hours and trading around $111,200. Retail chatter on Stocktwits has improved slightly, though it’s still stuck in bearish territory. Traders will be watching closely to see if ABTC’s big Wall Street debut signals the start of something bigger — or just another hype cycle in crypto’s long history of volatile openings.
