American Bitcoin Corp. (Nasdaq: ABTC), the bitcoin mining and accumulation company co-founded by Eric Trump and Donald Trump Jr., made a big splash on Wall Street this week, listing on the Nasdaq after its merger with Gryphon Digital Mining.
The American Bitcoin stock’s first day of trading was marked by huge price swings, multiple trading halts, and lots of interest from investors — all while reigniting debate about the Trump family’s growing presence in the digital asset space.
The stock opened at $6.95 on Wednesday morning, and shot up as much as 90% in the first hour before backing off.
It hit nearly $14 at one point, an 85% intraday gain. By midday, it was still up over 40% but volatility led to at least 5 trading halts on the Nasdaq.
A similar price pattern was observed on Thursday.
Eric Trump, co-founder and chief strategy officer, said:
“Our Nasdaq debut marks a historic milestone in bringing Bitcoin into the core of U.S. capital markets and advancing our mission to make America the undisputed leader of the global Bitcoin economy.”
American Bitcoin is a “Bitcoin accumulation platform” with a two-pronged strategy: mine new bitcoin and make opportunistic buys on the open market.
The company wants to maximize “bitcoin-per-share growth” by combining Hut 8’s large-scale infrastructure with disciplined treasury management.
“With our Nasdaq listing, we are elevating this mission onto the global stage, giving investors a vehicle we believe will strengthen the U.S. financial system and help build a more resilient national economy,” Donald Trump Jr. added.
The company recently stated that it has 2,443 BTC, worth around $273 million, according to a filing with the SEC. That’s up from 152 BTC earlier.
To keep building its reserves, American Bitcoin filed for an at-the-market equity offering of up to $2.1 billion. The proceeds will go towards buying more bitcoin, new mining hardware, and general corporate purposes.
American Bitcoin was launched this year as a majority-owned subsidiary of Canadian mining giant Hut 8, which owns 80% of the company.
The partnership allows American Bitcoin to use next-generation ASIC mining rigs and Hut 8’s data center infrastructure without having to build its own facilities.
“By combining Bitcoin mining, opportunistic market purchases, and the backing of Hut 8’s energy and digital infrastructure, we have created a vehicle designed to drive rapid, efficient Bitcoin-per-share growth,” said Asher Genoot, executive chairman of American Bitcon and CEO of Hut 8.
As of Q2, 2025, American Bitcoin had 9.3 exahash per second (EH/s) of mining power online with another 14-15 EH/s coming online soon through liquid-cooled machines at Hut 8’s Texas facility.
The company’s hot debut reflects Wall Street’s growing love for bitcoin, especially as the scarce digital asset itself is trading at $111,000 per coin — up 20% since the beginning of the year.
