American Bitcoin (NASDAQ: ABTC) shares surged as much as 83% on its first day of trading Wednesday following the company’s merger with publicly traded Gryphon Digital Mining.
Trading in the stock triggered seven separate trading halts on the Nasdaq, due to price volatility.
Before trading opened on Wednesday, American Bitcoin filed with the SEC to sell up to $2.1 billion worth of Class A common shares.
The Bitcoin accumulation platform focused on building America's Bitcoin infrastructure backbone is owned by Hut 8 Mining Corp (TSX:HUT) and two of US President Donald Trump’s sons.
Hut 8 has an 80% ownership stake in American Bitcoin, while Eric Trump and Donald Trump Jr have an 18% equity interest in the company.
Other notable shareholders in the new entity include Gemini’s co-founders Tyler and Cameron Winklevoss.
"With the backing of the public markets, we believe American Bitcoin is now positioned to set the standard in Bitcoin accumulation," American Bitcoin executive chairperson and Hut 8 CEO Asher Genoot said in a statement.
"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."
Hut 8 shifted its focus from crypto mining to energy infrastructure and data centers after launching American Bitcoin. The company will lease its data centers to American Bitcoin.
American Bitcoin currently owns 2,443 Bitcoins, valued at about $273.68 million.