American Bitcoin Corp., a Bitcoin mining company majority-owned by Hut 8 and backed by Eric Trump and Donald Trump Jr., merged with Gryphon Digital Mining to enter the Nasdaq under the ABTC ticker. The transaction, announced in May 2025 and completed on September 3, 2025, was structured entirely in shares, with American Bitcoin shareholders retaining about 98% of the combined company. Shortly after going public, it launched an at-the-market share offering of up to $2.1 billion to buy Bitcoin, expand mining operations and acquire hardware. Its holdings rose from a few hundred Bitcoin before the merger to more than 3,400 by the end of September 2025 and more than 5,000 by early 2026. However, ABTC has fallen more than 75% from its peak, while the planned offering increases dilution risks and control remains concentrated with Hut 8 and the pre-merger shareholders.
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