Trump-Backed American Bitcoin Jumps 60% After Nasdaq Debut, Plans $2.1B Share Sale

American Bitcoin (ABTC), a bitcoin mining and treasury firm backed by Donald Trump Jr. and Eric Trump, made its public market debut Wednesday under the ticker ABTC following its merger with Gryphon Digital Mining (GRYP).

The company quickly filed for an at-the-market equity raise of up to $2.1 billion, aiming to expand its bitcoin holdings, which totaled 2,443 BTC at the time of the merger.

Shares soared 60% to $11 from the $6.90 merger price set Tuesday evening, reflecting strong investor enthusiasm.

American Bitcoin’s rapid formation began in March, combining the Trump brothers’ American Data Centers with Canadian mining firm Hut 8 (HUT), which now owns 80% of the newly listed entity.

The company operates a hybrid model, combining bitcoin mining with a corporate treasury strategy focused on accumulating the asset. Since its inception, American Bitcoin has amassed 2,443 BTC, worth roughly $160 million at current prices. This approach mirrors strategies employed by other major mining firms, such as Marathon Digital, which balance active mining with holding bitcoin as a corporate asset.