American Bitcoin (ABTC) Jumps 72% on Nasdaq Debut
Key Takeaways
- American Bitcoin, trading under the ticker ABTC, began trading on the Nasdaq after a merger with Gryphon Digital Mining.
- The company is focused on accumulating Bitcoin through mining and partnerships.
American Bitcoin's Nasdaq Debut
American Bitcoin Corporation, with backing from President Trump's sons and a partnership with Hut 8, officially debuted on Nasdaq on Wednesday following its merger with Gryphon Digital Mining in a stock-for-stock transaction.
Trading as ABTC, American Bitcoin operates as a Bitcoin accumulation platform, aiming to advance US crypto infrastructure. According to an SEC filing from September 3, the company holds 2,443 BTC, valued at approximately $273 million. This is an increase from the 152 BTC held at the time of its initial disclosure.
Strategic Plans and Stock Performance
American Bitcoin intends to offer up to $2.1 billion of Class A common stock. The net proceeds are earmarked for Bitcoin purchases, acquisition of Bitcoin mining ASICs, and general corporate purposes, according to a separate filing.
The company's stock experienced a surge of roughly 72% in early trading, according to Yahoo Finance data.
Leadership Perspectives
Co-founder Eric Trump stated that the company provides a leading public vehicle for investors seeking exposure to Bitcoin, calling Bitcoin “the defining asset class of our time.”
“Our Nasdaq debut marks a historic milestone in bringing Bitcoin into the core of U.S. capital markets and advancing our mission to make America the undisputed leader of the global Bitcoin economy,” Trump stated.
Donald Trump Jr., also a significant supporter of American Bitcoin, commented that the Nasdaq debut reflects the company’s commitment to values such as freedom and transparency, while offering investors Bitcoin exposure to help strengthen the US economy.
“American Bitcoin embodies the values that define American strength: freedom, transparency, and independence,” said Trump Jr. “With our Nasdaq listing, we are elevating this mission onto the global stage, giving investors a vehicle we believe will strengthen the US financial system and help build a more resilient national economy.”
Accumulation Strategy and Hut 8 Partnership
The company employs a dual accumulation strategy that includes self-mining operations and strategic Bitcoin purchases. Through its partnership with Hut 8, American Bitcoin utilizes next-generation ASIC technology and leverages Hut 8’s colocation infrastructure platform for its mining operations.
Asher Genoot, executive chairman of American Bitcoin and CEO of Hut 8, noted that the Nasdaq debut positions the company to become a leader in Bitcoin accumulation, utilizing mining, market acquisitions, and Hut 8’s infrastructure to increase Bitcoin-per-share growth.