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1h ago

American Bitcoin Debuts on Nasdaq, Files to Sell Up to $2.1 Billion in Shares After Volatile First Day

The Trump-linked miner seeks scale through an asset-light partnership with Hut 8 to operate as a bitcoin accumulation vehicle.

Eric Trump on stage at a Bitcoin conference in Hong Kong in August.
Image
Donald Trump Jr. and Eric Trump gesture outside the Nasdaq building after ringing the opening bell to celebrate the closing of ALT5’s $1.5 billion offering and adoption of its $WLFI Treasury Strategy at the Nasdaq Market, in New York City, U.S., August 13, 2025. REUTERS/Eduardo Munoz/File Photo
Eric Trump, Executive Vice President of the Trump Organization and son of United States President Donald Trump, speaks during the Bitcoin Asia 2025, at the Hong Kong Exhibition Centre in Hong Kong, on Friday, Aug. 29, 2025. (AP Photo/Daniel Ceng)

Overview

  • ABTC opened around $6.90, spiked as high as $14.52, and closed at $8.04 up 16.5% after multiple Nasdaq volatility halts.
  • An SEC filing shows a plan to sell up to $2.1 billion of Class A shares to fund bitcoin purchases, acquire mining ASICs, and for general purposes.
  • The company disclosed holdings of about 2,443 BTC on debut, positioning its balance sheet around a large bitcoin reserve.
  • American Bitcoin went public via a stock-for-stock merger with Gryphon; Hut 8 owns roughly 80%, the Trump brothers hold a significant minority, and founding shareholders control about 98% of the company.
  • The firm combines self-mining using Hut 8 colocation with opportunistic market buys, a strategy drawing fresh attention alongside broader ethics scrutiny of Trump-family crypto ventures.