Trump-Backed American Bitcoin Debuts on Nasdaq, Stock Surges 72% on First Day

American Bitcoin made its public debut on the Nasdaq stock exchange September 3, opening at $9.22 per share and climbing as much as 72% during early trading sessions. The bitcoin mining and treasury company trades under the ticker symbol ABTC following completion of its all-stock merger with Gryphon Digital Mining.

The company is backed by President Donald Trump's sons, Donald Trump Jr. and Eric Trump, and operates as a majority-owned subsidiary of publicly traded bitcoin miner Hut 8 Corp. Hut 8 now holds an 80% ownership stake in the newly listed entity, while the Trump brothers maintain advisory roles.

American Bitcoin disclosed holding $273 million worth of bitcoin in its corporate treasury at the time of its listing. The company's business model combines bitcoin mining operations with a corporate treasury strategy focused on accumulating bitcoin holdings. Chief Executive Officer Asher Genoot said the firm aims to build "the largest bitcoin treasury in the world." 

The listing comes through what industry observers describe as an expedited path to public markets. To accelerate the process, the Trumps and Hut 8 negotiated the reverse merger structure with Gryphon Digital Mining rather than pursuing a traditional initial public offering.

American Bitcoin has filed paperwork indicating plans for a potential $2.1 billion stock sale, though the company has not specified timing for such an offering. The filing shows the company intends to use proceeds for bitcoin acquisitions and mining infrastructure expansion.

The debut follows recent volatility in Trump-linked crypto ventures. Earlier this week, the Trump family's World Liberty Financial token experienced significant price swings, with the family reportedly generating as much as $5 billion on paper from separate digital token activities.