Trump-linked American Bitcoin takes a $2.1 billion route to the public markets

The merger, announced in May 2025, is a stock-for-stock transaction with no cash changing hands. Hut 8 contributed about 80% of the mining assets, and pre-merger American Bitcoin shareholders were set to keep about 98% of the combined company.

The deal closed on September 3, 2025, and the company began trading on Nasdaq. American Bitcoin positions itself as a pure-play Bitcoin accumulation platform, planning to mine and buy Bitcoin on the open market.

Shortly after going public, the company filed for an at-the-market equity offering of up to $2.1 billion. This allows the company to sell new shares gradually into the market at prevailing prices, rather than all at once.

Bitcoin holdings and stock performance

The company’s Bitcoin pile has grown quickly, from a few hundred before the merger to over 3,400 by the end of September 2025 and reportedly more than 5,000 by early 2026.

The stock has been volatile, with intraday gains on debut reportedly exceeding 60-100% before falling more than 75% from its peak.

Lockups, periods when early holders cannot sell their shares, are a key factor to watch. When they end, a wave of supply can hit the market, and prices often react accordingly.

Investor considerations

For investors, the key question is dilution versus accumulation. An at-the-market program of up to $2.1 billion means new shares can keep entering the market, shrinking every existing holder’s slice.

The structure also concentrates control. With pre-merger holders keeping about 98% and Hut 8 as majority owner, outside public shareholders have limited influence over strategy.

Research on the company’s results points in that direction, showing growth in mining revenue but also operating losses tied to Bitcoin price fluctuations.