[Crypto IPO]Trump Family’s Bitcoin Miner American Bitcoin Surges 116% — Twice Halted Intraday
Trump Family’s Bitcoin Miner American Bitcoin Surges 116% — Twice Halted Intraday
TradingKey – On Wednesday, September 3, the Trump family – backed Bitcoin mining company American Bitcoin Corp. (Nasdaq: ABTC) made its debut on the Nasdaq, unleashing wild volatility that caught investors’ attention.
American Bitcoin went public through a stock-for-stock merger with Gryphon Digital Mining (Nasdaq: GRYP), with its previous close at $6.90. At the open, ABTC rocketed to $9.22, representing a 116% gain — enough to trigger trading halts twice during the session. By the close, the stock settled at $8.04, still up 16% on the day.
According to the Trump family, American Bitcoin’s mission is to establish the largest Bitcoin treasury in the United States. Donald Trump Jr., who serves as the company’s Chief Promoter, tweeted: “We’re proud to see American Bitcoin listed, putting America first in crypto. Our mission is to build the nation’s largest Bitcoin reserve.”
As of press time, American Bitcoin holds 2,443 BTC on its balance sheet — ranking roughly 30th worldwide among public and private entities. For context, Strategy (Nasdaq: MSTR) leads corporate Bitcoin holdings with over 630,000 BTC.
Gryphon Stock Soars Over 40% as Merger with Trump-Family – Backed American Bitcoin Nears
TradingKey – Gryphon Digital Mining (NASDAQ: GRYP) is set to merge with American Bitcoin — backed by Donald Trump Jr. and Eric Trump — which sent its shares skyrocketing 42% on the day.
On Thursday, August 29, Gryphon’s stock jumped as much as 40% intraday, briefly touching $1.80 before closing at $1.72, its highest level since May 12.
Gryphon Digital Mining Stock Chart – Source: TradingView
According to a Reuters report, the combined company will trade under the new ticker “ABTC” on Nasdaq, with trading expected to commence in September. This all-stock merger positions American Bitcoin as a pure-play BTC miner and treasury vehicle.
American Bitcoin will be controlled primarily by Hut 8 Mining (NASDAQ: HUT) alongside Donald Trump Jr. and Eric Trump, who together will hold approximately 98% of the merged entity’s shares.
Trump Family Adds New Player: American Bitcoin Aims for Nasdaq Listing in September
TradingKey – American Bitcoin is set to make its debut on Nasdaq this September, marking another strategic expansion of the Trump family’s cryptocurrency ventures.
According to Reuters on August 28, American Bitcoin — supported by President Trump’s eldest son Donald Trump Jr. and his brother Eric Trump — is targeting a Nasdaq listing under the ticker symbol ABTC.
Founded in late March 2025 as a joint venture between Hut 8 Mining (HUT) and the Trump brothers, American Bitcoin signed a definitive merger agreement with Gryphon Digital Mining (GRYP) in May to take the combined entity public. On July 31, Gryphon filed a proxy statement with the U.S. Securities and Exchange Commission (SEC) in preparation for the listing.
Just weeks after launching, American Bitcoin acquired all of Hut 8 Mining’s ASIC rigs. In early August, it invested over $300 million to purchase 16,000 Antminer U3S21EXPH units in mainland China, bringing its total hash rate to 14.02 EH/s. The company has also amassed more than 200 BTC on its balance sheet.
As of press time, the Trump family’s crypto holdings span a diverse portfolio, including public-company equity (Trump Media & Technology Group), NFT collections (Trump Digital Trading Card; Trump Digital Trading Cards MugShot Edition; America First), MEME tokens (TRUMP; MELANIA), a DeFi token (WLFI), and a stablecoin (USD1), among other digital assets.
