Trump-Backed American Bitcoin Corp Surges 72% on Nasdaq Debut
American Bitcoin Corporation (Nasdaq: ABTC), backed by Donald Trump’s sons and Hut 8, officially debuted on the Nasdaq on Wednesday following its merger with Gryphon Digital Mining in a stock-for-stock deal.
The newly listed company operates as a Bitcoin accumulation platform, aiming to strengthen U.S. crypto infrastructure. According to a Sept. 3 SEC filing, American Bitcoin currently holds 2,443 BTC—valued at nearly $273 million—a sharp rise from its initial disclosure of 152 BTC.
In a separate filing, the firm revealed plans to sell up to $2.1 billion of Class A common stock, with proceeds earmarked for Bitcoin purchases, mining ASIC acquisitions, and general corporate purposes.
Shares of ABTC surged 72% in early Nasdaq trading, per Yahoo Finance data.
Trump Family Endorses Nasdaq Debut
Co-founder Eric Trump called Bitcoin “the defining asset class of our time,” adding: “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.”
Donald Trump Jr., also a major backer, said the company reflects American values of freedom, transparency, and independence: “With our Nasdaq listing, we are elevating this mission onto the global stage, giving investors a vehicle we believe will strengthen the U.S. financial system and build a more resilient economy.”
Bitcoin Accumulation Strategy
American Bitcoin employs a dual accumulation strategy that combines:
- Self-mining operations using next-generation ASICs
- Opportunistic Bitcoin purchases on the open market
The company leverages a strategic partnership with Hut 8, utilizing its colocation infrastructure and mining expertise to boost Bitcoin-per-share growth.
Asher Genoot, executive chairman of American Bitcoin and CEO of Hut 8, emphasized that the Nasdaq listing gives the company a strong position to lead in Bitcoin accumulation: “We are combining mining, market purchases, and Hut 8’s infrastructure to accelerate growth and deliver long-term value for investors.”
