Trump-linked American Bitcoin stock surges over 90% then dumps on Nasdaq debut

American Bitcoin Corp. stock swang sharply on its Nasdaq debut, surging over 90% before wiping out most of its gains and closing the day up just 16.5%.

American Bitcoin Corp., a Bitcoin mining and accumulation company backed by Eric and Donald Trump Jr., made a volatile debut on Nasdaq, soaring 91% before plunging by half in its first trading session. The stock closed at $8.05 on Sept. 3, 2025, according to Yahoo Finance data.

American Bitcoin stock turbulent first day

Shares opened around $6.90, climbed to a peak of $13.20, and then dropped to $6.72 before closing at $8.05, up 16.5% on the day. After-hours trading added another 5%, lifting the stock to $8.45. Trading was halted five times due to sharp price swings. The debut valued the company at roughly $5 billion, with its 2,443 Bitcoin (BTC) treasury worth about $273 million. 

The listing was completed through an all-stock reverse merger with Gryphon Digital Mining (Nasdaq: GRYP), a faster route than a traditional IPO. Shareholders of Gryphon approved the deal in late August, leaving Hut 8 Corp. with 80% ownership and the Trump brothers with a combined 20% stake. 

Market strategy and fundraising plans

Following the launch, the company announced an at-the-market offering of up to $2.1 billion in Class A shares. Proceeds will go toward additional Bitcoin purchases, new ASIC mining equipment, and general operations, echoing Strategy’s treasury strategy of pairing business operations with Bitcoin accumulation.

Eric Trump called the listing a “historic milestone” for integrating Bitcoin into U.S. capital markets, while Hut 8 CEO Asher Genoot described American Bitcoin as setting “the standard in Bitcoin accumulation.”

The firm positions itself as an institutional-grade vehicle for Bitcoin exposure, leveraging Hut 8’s infrastructure for mining and market purchases to maximize Bitcoin per share.

The debut also follows the launch of the Trump-linked World Liberty Financial (WLFI) token on Sept. 1. WLFI, which cleared $3.1 billion in trading volume in its first 24 hours, has since dropped about 35% from its $0.31 launch price.

Political ties and criticism

American Bitcoin’s launch comes at a time of increased political attention on crypto. President Trump has championed pro-Bitcoin policies, including the March 2025 plan to create a Strategic Bitcoin Reserve. Critics, however, have raised conflict-of-interest concerns.

Sen. Elizabeth Warren and other Democrats argue that ventures linked to the Trump family could benefit from favorable regulatory treatment, especially after the administration paused several SEC crypto probes.