American Bitcoin's stock price surged by 59.42%, triggering a trading halt, amid bullish market sentiment.

American Bitcoin Halts Trading After 59% Stock Surge

American Bitcoin (ABTC) halted trading after its stock price surged by 59.42%, reflecting increased investor interest in Bitcoin mining companies.

The Event in Detail

On [Date], American Bitcoin's stock price experienced a rapid increase of 59.42%, leading to a trading halt. This event followed the company's debut on the Nasdaq under the ticker symbol "ABTC" on September 3, 2025, after completing a stock-for-stock merger with Gryphon Digital Mining, Inc.

Market Implications

The surge in American Bitcoin's stock price suggests a bullish market sentiment towards Bitcoin mining companies. The aggregate market cap of the 13 U.S.-listed miners hit a record high of over $39 billion in August, indicating a strong performance by the sector. Gryphon Digital Mining had previously seen a 231% jump in its stock valuation ahead of the merger with American Bitcoin.

Expert Commentary

Eric Trump, Co-founder and Chief Strategy Officer of American Bitcoin, stated that the Nasdaq debut marks a historic milestone in bringing Bitcoin into the core of U.S. capital markets.

Asher Genoot, Executive Chairman of American Bitcoin and CEO of Hut 8 Corp., noted that with the backing of the public markets, American Bitcoin is now positioned to set the standard in Bitcoin accumulation, combining Bitcoin mining, opportunistic market purchases, and the backing of Hut 8's energy and digital infrastructure.

Broader Context

American Bitcoin is positioned as a Bitcoin accumulation platform focused on building America's Bitcoin infrastructure backbone, delivering institutional-grade exposure to Bitcoin through a business model that integrates scaled Bitcoin mining operations with disciplined accumulation strategies. Some miners have already announced initiatives to convert facilities, with Hut 8 last month revealing plans to develop 1.53 gigawatts of new capacity across four U.S. sites, indicating a shift towards diversifying energy usage for non-mining purposes.

Unlike past surges driven mainly by retail speculation, a rise reflects a broader shift in the market, with increased confidence from large-scale investors and companies like Tesla and Trump's media group adding momentum to Bitcoin's price. Expectations of a US interest rate cut in September have also influenced the surge. Lower rates make traditional assets less attractive, prompting investors to move capital into riskier options like Bitcoin.

Binance, the largest cryptocurrency exchange by trading volume, halted its futures trading services on August 29. The issue emerged at approximately 06:46 UTC due to a technical glitch in its USDS-M/Unified Margin system. As a result, all futures activity across Binance's platform froze, creating uncertainty for traders. During the disruption, users were unable to open, close, or modify futures positions, which posed risks for many traders. Given the volatility in cryptocurrency markets, the timing of the outage heightened concerns about potential losses.

The significant price movement could indicate increased investor interest in Bitcoin mining companies, potentially impacting the valuation of similar companies in the short term. Long-term effects depend on the sustainability of the price surge and the overall market conditions.

Aggregate market cap of the 13 U.S.-listed miners hit a record high of over $39 billion in August. Miners have often had to sell coins or branch into different industries—like high-performance computing for artificial intelligence—to cover operational costs. Some miners have already announced initiatives to convert facilities, with Hut 8 last month revealing plans to develop 1.53 gigawatts of new capacity across four U.S. sites. The new sites will provide energy for non-mining purposes, the company said.