American Bitcoin Launches After Merger
American Bitcoin (ABTC), a new bitcoin mining and treasury firm supported by Donald Trump Jr. and Eric Trump, began trading on Wednesday morning following its merger with Gryphon Digital Mining (GRYP).
The company quickly submitted a request for an at-the-market equity raise of up to $2.1 billion to further expand its bitcoin holdings, which totaled 2,443 coins at the time of the merger.
Shares surged by 60% to $11 compared to the $6.90 price at the time of the merger on Tuesday evening.
This marks another significant development in American Bitcoin’s swift rise, which started in March through a collaboration between the Trump brothers’ American Data Centers and Canadian mining company Hut 8 (HUT). Hut 8 currently owns an 80% stake in the newly listed firm.
American Bitcoin’s business model integrates bitcoin mining with a corporate treasury strategy focused on accumulating the cryptocurrency. Since its launch earlier this year, the company has gathered 2,443 bitcoin, valued at roughly $160 million at today’s prices. This hybrid approach—simultaneously mining bitcoin and retaining it as a balance sheet asset—reflects strategies implemented by other prominent mining companies like Marathon Digital.
