American Bitcoin Shares Drop 15% Below IPO Price After Nasdaq Debut
Shares of American Bitcoin (ABTC) fell 15% on Thursday, trading at $6.83, below its IPO price of $6.90. The company is 80% owned by Hut 8 and 20% by Donald Trump Jr. and Eric Trump, having recently merged with Gryphon Digital Mining (GRYP).
- Filed for an at-the-market equity raise of up to $2.1 billion.
- Reached a high of $14.65 before the decline.
- Holds approximately 2,443 BTC, valued at around $269 million.
- Bitcoin (BTC) dropped 2% in the last 24 hours.
- Other miners like Marathon Digital (MARA) and Riot Platforms (RIOT) are also seeing declines.
The bitcoin mining industry faces intense competition, with power costs consuming a significant portion of revenue. Companies are diversifying operations and stockpiling BTC to mitigate volatility in revenue.