American Bitcoin (ticker ABTC), a newly public bitcoin-mining and treasury company backed by Donald Trump Jr. and Eric Trump, debuted on Nasdaq Wednesday after completing its merger with Gryphon Digital Mining. Shares surged about 60% to roughly $11, up from the $6.90 price at the time of the merger.
Within hours the company filed with the SEC for an at-the-market (ATM) equity program to raise up to $2.1 billion. Management said the proceeds would be used to accelerate infrastructure buildout, buy mining equipment and expand the company’s held bitcoin treasury.
American Bitcoin was formed earlier this year through a combination of the Trump brothers’ American Data Centers and Canadian miner Hut 8. Hut 8 now holds about 80% of the publicly listed vehicle. At the time of the merger ABTC reported holding 2,443 BTC—roughly $160 million at current spot prices.
The company uses a hybrid model that pairs large-scale mining operations with an explicit corporate treasury strategy of holding bitcoin on the balance sheet. That approach mirrors strategies used by other major miners and positions ABTC to benefit from both production and asset appreciation, while keeping direct exposure to BTC price swings.
Why this matters: the rapid pop in the stock and the aggressive ATM filing together underscore growing institutional activity in bitcoin infrastructure. But investors should weigh potential rewards against clear risks: ATM sales can dilute existing shareholders if executed at lower prices, and the company’s fortunes remain tied to volatile BTC prices and the capital-intensive nature of mining.
Source: CoinDesk. Read the original coverage for full details.