American Bitcoin Corp., a Bitcoin mining and accumulation firm backed by Eric and Donald Trump Jr., had a turbulent first day on Nasdaq—soaring 91% before giving up half its gains. The stock closed at $8.05 on Sept. 3, 2025, up 16.5% for the session, according to Yahoo Finance.
Wild trading and $5B valuation
Shares opened at $6.90, spiked to $13.20, then plunged to $6.72 before settling at $8.05. After-hours trading lifted the price another 5% to $8.45. Trading was halted five times amid extreme swings. The company ended the day with a market cap of roughly $5 billion, supported by a treasury of 2,443 Bitcoin valued near $273 million.
The listing was executed through an all-stock reverse merger with Gryphon Digital Mining (Nasdaq: GRYP), fast-tracking the process compared to a traditional IPO. Gryphon shareholders approved the deal in late August, leaving Hut 8 Corp. with 80% ownership and the Trump brothers with 20%.
Fundraising and Bitcoin-first strategy
Shortly after its debut, American Bitcoin announced an at-the-market offering of up to $2.1 billion in Class A shares. Funds will be used for additional Bitcoin purchases, ASIC mining equipment, and operations—mirroring MicroStrategy’s playbook of tying core business with Bitcoin accumulation.
Eric Trump hailed the debut as a “historic milestone” for integrating Bitcoin into U.S. markets, while Hut 8 CEO Asher Genoot said the firm aims to set “the standard in Bitcoin accumulation.” The company markets itself as an institutional-grade vehicle for Bitcoin exposure, leveraging Hut 8’s infrastructure to maximize Bitcoin per share.
Crypto-political crossover
The debut follows the Sept. 1 launch of World Liberty Financial (WLFI), a Trump-linked token that saw $3.1 billion in first-day trading before sliding 35% from its $0.31 debut.
American Bitcoin’s launch comes amid growing political focus on crypto. President Trump has promoted pro-Bitcoin policies, including a March 2025 proposal for a Strategic Bitcoin Reserve. Critics warn of conflicts of interest, with Sen. Elizabeth Warren and other Democrats arguing that Trump-linked ventures could benefit from regulatory leniency, particularly after the administration paused several SEC crypto probes.
