ABTC Stock Makes Nasdaq Debut, Trading Halted After Early Swing

American Bitcoin (ABTC) began trading on Nasdaq on Wednesday, opening at around $8 per share. The listing follows the company’s merger with Gryphon Digital Mining. 

ABTC’s stock traded between $7.59 and $11 after getting listed. Trading was halted thrice shortly after the market opened, according to NasdaqTrader data. The stock reached a high of $14 before trading was halted twice more due to volatility. At the time of writing, American Bitcoin’s shares were trading at $9.24.

 The Bitcoin (BTC) mining and accumulation firm, backed by Eric Trump and Donald Trump Jr., launched earlier this year as a majority-owned subsidiary of crypto miner Hut 8 (HUT). Following the merger, Eric Trump, Donald Trump Jr., Hut 8, and other American Bitcoin shareholders control roughly 98% of the combined entity, while former Gryphon investors retain the remaining 2%. Hut 8’s stock dipped as much as 2.1% in morning trade, with retail sentiment on Stocktwits dipping to ‘neutral’ from ‘bullish’ territory over the past day. 

American Bitcoin also filed with the Securities and Exchange Commission (SEC) for an at-the-market (ATM) equity raise of up to $2.1 billion on Wednesday to purchase more Bitcoin for its treasury. Currently, it holds around 2,443 BTC, worth around $160 million at Bitcoin’s current price.

Management said the company leverages Hut 8’s infrastructure and next-generation mining technology to lower operating costs and direct more capital toward scaling its Bitcoin reserves. While American Bitcoin will utilize Hut 8’s mining infrastructure, its hybrid model of mining the cryptocurrency while also holding it as an asset on its balance sheet is similar to what other crypto miners, such as Marathon (MARA), are already doing.

American Bitcoin’s debut comes as Bitcoin’s price gained 0.3% over the past 24 hours, trading near $111,200. On Stocktwits, retail sentiment around the apex cryptocurrency moved higher but remained within ‘bearish’ territory over the past day. 

Read also: US Bancorp Resumes Bitcoin Custody For Institutional Clients

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