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2w ago

Trump-Backed American Bitcoin Whipsaws in Nasdaq Debut, Files $2.1 Billion Share Sale

The debut caps a fast reverse‑merger to market, with Hut 8 providing hardware plus a planned $2.1 billion share sale to build the bitcoin reserve.

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Eric Trump on stage at a Bitcoin conference in Hong Kong in August.
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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

Overview

  • American Bitcoin began trading on Nasdaq as ABTC on Sept. 3 after an all‑stock merger with Gryphon Digital Mining.
  • Shares spiked roughly 90% intraday with multiple trading halts before closing up about 16.5% at $8.04.
  • Hut 8 holds about 80% of the company and the Trump brothers roughly 20%, pairing self‑mining with opportunistic bitcoin purchases.
  • The company reported holdings of about 2,443 BTC and filed to sell up to $2.1 billion in stock to buy more bitcoin and mining machines.
  • The listing intensifies scrutiny of the Trump family’s expanding crypto ventures, days after the WLFI token launch drew attention and criticism over potential conflicts of interest.