American Bitcoin Shares Surge 60% Following Nasdaq Debut and Merger
American Bitcoin (ABTC), a bitcoin mining and treasury firm supported by Donald Trump Jr. and Eric Trump, began trading following its merger with Gryphon Digital Mining (GRYP). Key details include:
- The company filed for an at-the-market equity raise of up to $2.1 billion to expand its bitcoin holdings.
- At the time of the merger, it held 2,443 bitcoins, valued at approximately $160 million.
- Shares surged 60% to $11 from $6.90 during the merger announcement.
- Hut 8 holds an 80% ownership stake in American Bitcoin after the merger.
- The business model combines bitcoin mining with asset accumulation, similar to strategies employed by firms like Marathon Digital.