- ABTC shares surged 85% on Wednesday, leading to five trading halts on Nasdaq
- American Bitcoin went public through a merger with Gryphon Digital Mining, providing a faster route to market
- SPACs are becoming a popular vehicle for crypto companies to go public, with other firms like Parataxis and Chamath Palihapitiya exploring similar paths
Trump backed American Bitcoin (ABTC) shares was halted five times on Wednesday due to heightened volatility, following a dramatic surge of 85% intraday. The Nasdaq stock exchange temporarily suspended trading multiple times as ABTC shares climbed by nearly 85%, reaching a high of $14 per share during the day.
The surge occurred after American Bitcoin completed a stock merger with Gryphon Digital Mining, another crypto mining company. The merger propelled ABTC’s stock price, triggering multiple halts: the first at 3:09:35 UTC, followed by subsequent suspensions at 3:20:11 UTC, 3:30:54 UTC, and 3:40:12 UTC. The final halt took place at 3:47:58 UTC, after which trading resumed, with shares currently trading around $9.80.
This surge in trading activity highlights Wall Street’s growing interest in digital asset firms, particularly in the evolving crypto mining industry, as institutional investors look to gain exposure to the sector.
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Crypto firms use mergers to go public
American Bitcoin’s trading debut follows its all-stock merger with Gryphon Digital Mining, a deal that provided the company a faster route to U.S. public markets. Announced in late August, the merger was seen as an efficient way for Trump’s family-owned company to go public.
The deal is part of a broader trend among crypto firms opting for mergers to list on U.S. exchanges, particularly through special purpose acquisition companies (SPACs). SPACs allow private companies to merge with publicly traded “blank check” companies, bypassing the lengthy and costly initial public offering (IPO) process.
Wall Street’s appetite for digital assets grows
The surging interest in American Bitcoin and other crypto mining firms reflects Wall Street’s increasing appetite for digital asset firms. The maturation of the crypto industry and the growing interest from institutional investors are driving this trend, paving the way for more traditional finance firms to embrace blockchain-based businesses.
