Listing Summary
On May 9, 2025, American Bitcoin Corp. signed a merger agreement with Gryphon Digital Mining. On September 3, it was listed on Nasdaq with the trading code (ABTC). The company’s stock price, which rose up to +110% on the opening day, closed the day around +16%. On the same day, the company announced an “ATM” program, that is, a gradual sale of shares to the market, up to $ 2.1 billion. It was announced that the proceeds from this sale will be used to purchase BTC, purchase equipment and meet the general needs of the company.
Strategy and Financial Framework
Rather than a classic “miner”, company officials are positioning themselves as a “Bitcoin accumulation” company with a mix of mining + buying BTC from the market whenever the opportunity arises. This stance is also prominent in the company messaging: The “accumulation” narrative aims to offer BTC exposure to institutional/semi-institutional investors through an exchange-listed vehicle.
In the company’s filing with the SEC, they say they hold 2,443 BTC as of September 1, 2025, of which 2,234 BTC are pledged under the Bitmain contract. This statement is important because there is a promise to “grow reserves” but some of the reserves are collateralized, so this detail will come up frequently in discussions of balance sheet flexibility and financing strategy.
On the capital side, the company announced immediately after the IPO that it could sell up to $2.1 billion of shares via “at-the-market” (ATM). Northland Capital was also announced as one of the sales agents of this framework. The company states that the funds raised will go towards items such as BTC purchases and mining equipment; the natural question on the investor front will be “how much will these sales dilute the stock and in return will the reserves/capacity actually grow noticeably?”.
Visibility and Expectations
The Trump family connection plays a big role in this heated agenda. Eric Trump is the co-founder and chief strategy officer of the company, which adds extra visibility to the news and price movements. The nearly 16.5% rise in the stock at the close of the first day and the sharp intra-day fluctuation made headlines, and the high-profile news about the shareholding value added to this visibility. However, the same connection also opens the door to criticism on politics-market relations and conflicts of interest.
- Are reserves really growing?
- Where is the money from the ATM going?
Because the idea of “producing BTC and buying it when the opportunity arises instead of buying BTC from the market” depends on capital discipline and transparency of communication. Therefore, whether BTC is kept in the vault and investments in hardware will be closely monitored by stakeholders and the public.
In the medium term, the picture can be read as follows: if reserve growth continues steadily and pricing is largely driven by the “BTC story” while the company maintains its “hoarding” anchor, ABTC could grow its space on the exchange as a different version of BTC exposure. Conversely, if dilution (ATM) accelerates but reserves/operations do not grow to that extent, the criticism of “good story but value per share erosion” may prevail, which may not be encouraging. Therefore, we can say that the next few disclosure periods will determine ABTC’s credibility.
Disclaimer
The information provided in this article is for educational and informational purposes only and does not constitute investment advice, financial advice, trading advice, or any other form of professional recommendation. Cryptocurrency and stock investments involve significant risk, and past performance is not indicative of future results. Readers should conduct their own research and consult with a licensed financial advisor before making any investment decisions. Darkex and the author are not responsible for any financial losses incurred as a result of using the information provided herein.
