American Bitcoin (ABTC), a newly public bitcoin mining and treasury firm supported by Donald Trump Jr. and Eric Trump, started trading on Wednesday after merging with Gryphon Digital Mining (GRYP).

Quick overview:

• American Bitcoin has agreed to sell up to $2.1 billion in stock via an at-the-market offering.
• The company commenced trading on Nasdaq under the ticker ABTC after merging with Gryphon Digital Mining.
• The firm has acquired 2,443 bitcoins as part of its corporate treasury strategy.

Shares surged 60%, reaching $11 from the previous merger price of $6.90.

This represents the latest phase in the quick emergence of American Bitcoin, which began in March through collaboration between the Trump brothers’ American Data Centers and the Canadian company Hut 8 (HUT). Following the merger, Hut 8 retains an 80% ownership stake in the new entity.

American Bitcoin’s business model combines bitcoin mining with a treasury strategy focusing on asset accumulation. Since its launch earlier this year, the company has amassed 2,443 bitcoins valued at roughly $160 million at current rates. This hybrid model—mining bitcoins while retaining them as assets—aligns with strategies adopted by other prominent mining firms such as Marathon Digital.