Trump-Linked American Bitcoin Merges Its Way Onto Nasdaq, Then Files for $2.1B Share Sale

American Bitcoin Corp. is now a public company, and it got there without the usual IPO roadshow. The Trump-family-backed miner merged with Gryphon Digital Mining, a stock-for-stock deal announced in May 2025 that closed on September 3, 2025. Trading began on Nasdaq under the ticker ABTC.

The ownership split tells you who really runs the show. Pre-merger American Bitcoin holders kept roughly 98% of the combined company, while Gryphon's investors were left with a sliver of something much larger. Hut 8, which is the majority owner, kicked in about 80% of the mining assets. Eric Trump and Donald Trump Jr. back the venture.

The company bills itself as a pure-play Bitcoin accumulation machine, stacking coins two ways: mining them and buying them on the open market. That pile has grown fast. It reportedly held a few hundred Bitcoin before the merger, topped 3,400 by the end of September 2025, and had reportedly climbed past 5,000 by early 2026.

Right after listing, American Bitcoin filed for an at-the-market equity offering of up to $2.1 billion. That structure lets the company drip new shares into the market at whatever price buyers will pay, instead of dumping one big block. The stated plan for the cash: more Bitcoin, more mining capacity, more hardware.

Wall Street's reception was a rollercoaster. ABTC reportedly popped between 60% and 100% intraday on debut, then gave it all back and then some, falling more than 75% from its peak. Lockup expirations, when early holders finally get to sell, could add more supply pressure.

That leaves investors weighing dilution against accumulation. Every share sold under the $2.1 billion program buys more Bitcoin or more machines, but it also thins out everyone else's slice. And with Hut 8 holding the majority and pre-merger owners at about 98%, outside shareholders get little say in strategy. The company has posted mining revenue growth alongside operating losses tied to Bitcoin's price swings.