American Bitcoin Corp. (ABTC), backed by Donald Trump Jr. and Eric Trump, filed with the Securities and Exchange Commission (SEC) on Sept. 3 seeking to raise $2.1 billion through share sales.

The filing follows a volatile Nasdaq debut that saw ABTC stock surge 91% in one hour before crashing lower than the opening price by closing.

ABTC opened at $6.90 and climbed to $13.20, prompting five trading halts in the initial hours. However, the share price failed to sustain the momentum and fell back to its opening price before mounting a recovery at the end of the trading session.

As of press time, the stock was showing signs of upward momentum after hours and was trading at $8.06, up roughly 16% for the day.

American Bitcoin emerged from a stock-for-stock merger with Gryphon Digital Mining, creating a publicly traded Bitcoin accumulation platform under the ticker ABTC.

The transaction completed earlier this year positions American Bitcoin as the parent company, with former American Bitcoin shareholders owning approximately 98% of the combined entity.

Trump family mining venture

American Bitcoin launched in March as a majority-owned subsidiary of energy company Hut 8, which maintains an 80% ownership stake.

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Author: Gino Matos