American Bitcoin (ABTC), a newly released Bitcoin mining and financing company supported by Donald Trump Jr. and Eric Trump, opened for trade Wednesday morning after completing a merger with Griffon Digital Mining (GRYP).
Wasting a little time, the company will file up to $2.1 billion in market shares and continue building Bitcoin BTC$112,292.99 Holdings (strode to 2,443 coins at the time of merger).
The shares surged from 60% to $11, compared to the $6.90 price at the time of the merger Tuesday evening.
The latest chapter in American Bitcoin’s rapid formation, which began in March with the combination of the Trump brothers’ American data centers and Canadian mining company HUT 8 (HUT). Hut 8 currently owns 80% of the newly listed entities.
American Bitcoin’s business combines a corporate finance approach centered on Bitcoin mining with an asset accumulation. Since its establishment earlier this year, the company has accumulated 2,443 Bitcoin, worth around $160 million at its current price. This hybrid model – mining Bitcoin while retaining as a balance sheet asset – reflects the strategies used by other well-known mining companies such as Marathon Digital.
