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2w ago

Trump-Backed American Bitcoin Lists on Nasdaq as Stock Whipsaws, Plans $2.1 Billion Raise

Fresh SEC filings disclose a 2,443‑BTC treasury alongside a $2.1 billion stock program, prompting renewed ethics scrutiny.

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

  • Shares began trading under the ticker ABTC after an all‑stock merger with Gryphon Digital Mining, positioning the firm as a bitcoin mining and treasury vehicle.
  • Early trading featured sharp gains and seven Nasdaq volatility halts before a pullback from initial spikes.
  • SEC disclosures show American Bitcoin holds 2,443 BTC, valued at about $273 million at the time of filing.
  • The company filed for an at‑the‑market offering of up to $2.1 billion to purchase bitcoin, acquire mining ASICs, and for general corporate purposes.
  • Hut 8 received roughly an 80% stake for contributing mining equipment, leaving insiders including the Trump brothers and the Winklevosses with about 98% control as ethics concerns intensify alongside this week’s World Liberty token listing.