Trump-Backed American Bitcoin Soars 60% Following Nasdaq Debut, Plans $2.1B Equity Raise
American Bitcoin (ABTC), the bitcoin mining and treasury firm backed by Donald Trump Jr. and Eric Trump, made its Nasdaq debut Wednesday after completing its merger with Gryphon Digital Mining (GRYP).
Immediately after listing, the company 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 jumped 60% to $11, from the $6.90 closing price on Tuesday evening, reflecting strong investor demand.
American Bitcoin was formed in March through a combination of the Trump brothers’ American Data Centers and Canadian mining firm Hut 8 (HUT), which now owns 80% of the publicly listed entity.
The company employs a hybrid model, combining bitcoin mining operations with a corporate treasury strategy aimed at accumulating digital assets. Since its inception, American Bitcoin has amassed 2,443 BTC, valued at approximately $160 million at current prices. This approach mirrors strategies used by major miners like Marathon Digital, which combine active mining with holding bitcoin on the balance sheet.
