American Bitcoin (ABTC), a newly public bitcoin mining and treasury firm backed by Donald Trump Jr. and Eric Trump, opened for trade Wednesday morning after completing its merger with Gryphon Digital Mining (GRYP).
Wasting little time, the company filed for an at-the-market equity raise of up to $2.1 billion with which to continue building its bitcoin holdings (which footed to 2,443 coins at the time of the merger).
Shares have rocketed 60% to $11 versus the $6.90 price at the time of the merger Tuesday evening.
Its the latest chapter in American Bitcoin’s rapid formation, which began in March through a combination of the Trump brothers’ American Data Centers and Canadian mining firm Hut 8 (HUT). Hut 8 now holds an 80% ownership stake in the newly listed entity.
American Bitcoin’s business combines bitcoin mining with a corporate treasury approach centered on accumulating the asset. Since its inception earlier this year, the company has amassed 2,443 bitcoin, worth approximately $160 million at current prices. This hybrid model — mining bitcoin while holding it as a balance sheet asset — mirrors strategies used by other high-profile mining firms such as Marathon Digital.
