Trump-Backed American Bitcoin Surges More Than 60% in Nasdaq Debut

American Bitcoin (ABTC) made its trading debut on the Nasdaq Wednesday morning, following the completion of its merger with Gryphon Digital Mining (GRYP).

The newly listed firm, backed by Donald Trump Jr. and Eric Trump, wasted no time making headlines.

Strong first-day performance

Shares surged more than 60%, climbing to $11 from the $6.90 reference price at the time of the merger on Tuesday evening. The rally reflects early investor enthusiasm for the company’s hybrid model that combines Bitcoin mining with a corporate treasury strategy built around holding the cryptocurrency on its balance sheet.

Massive equity raise filed

Alongside its debut, American Bitcoin filed for an at-the-market equity raise of up to $2.1 billion. Proceeds from the program are expected to fund the expansion of its Bitcoin holdings, which currently total 2,443 BTC – worth about $160 million at present prices.

A rapid path to public markets

American Bitcoin’s rise has been swift. Formed earlier this year through a combination of the Trump brothers’ American Data Centers and Canadian mining company Hut 8 (HUT), the venture quickly grew into a publicly traded entity. Hut 8 now controls an 80% stake in the new company.

Read More:

Solana Approves Alpenglow Upgrade

Mining plus treasury play

By blending mining operations with a treasury accumulation model, American Bitcoin follows a path taken by other high-profile firms like Marathon Digital. The approach underscores growing interest in Bitcoin as both a production output and a reserve asset, particularly for companies looking to leverage the cryptocurrency’s long-term appreciation.

Source