American Bitcoin (ABTC), Formerly Gryphon Digital Mining (GRYP): What the Stock Crash, Lock‑Up Expiry and Q3 Earnings Mean as of December 6, 2025

Key Points at a Glance

Gryphon Digital Mining stock (former ticker: GRYP) is now American Bitcoin Corp (ticker: ABTC) after a 1‑for‑5 reverse split and a September 3, 2025 name and symbol change on Nasdaq. ^[1]
ABTC has lost around 85% of its value from its 52‑week high near $14.65 to roughly $2.23 as of December 6, 2025, following a violent sell‑off after a lock‑up expiry this week. ^[2]
The December 2–3 crash wiped out about $1 billion in market cap and triggered multiple trading halts as early investors sold newly unlocked shares. ^[3]
Fundamentally, the company just posted Q3 2025 revenue of $64.2 million and net income of $3.5 million, more than quintupling revenue year‑on‑year and flipping to profit. ^[4]
American Bitcoin holds roughly 4,090 BTC in its treasury, giving shareholders leveraged exposure to Bitcoin as well as mining operations. ^[5]
Forecast and rating services currently describe the stock as highly speculative, with algorithmic models projecting extreme volatility and only thin or “Hold”‑style analyst coverage. ^[6]

Important: This article is for information only and is not investment advice. Always do your own research or consult a licensed financial adviser before making trading decisions.

From Gryphon Digital Mining (GRYP) to American Bitcoin (ABTC)

For anyone searching “Gryphon Digital Mining stock” today, the key fact is that Gryphon as a listed entity effectively became American Bitcoin Corp in September 2025.

On September 3, 2025, Nasdaq approved a 1‑for‑5 reverse stock split and rebranding of Gryphon Digital Mining, Inc. to American Bitcoin Corp, with the ticker changing from GRYP to ABTC and a new CUSIP assigned. ^[7] This followed an earlier all‑stock merger agreement under which American Bitcoin’s shareholders ended up with the overwhelming majority of the combined company. ^[8]

So while many forecast and data sites still show GRYP pages, those figures are essentially legacy references to the pre‑merger structure. From a practical standpoint, Gryphon investors now own ABTC, and Gryphon’s assets, operations, and ESG branding were folded into the American Bitcoin story.

What Gryphon Brought to the Table

Before the merger, Gryphon Digital Mining positioned itself as a Las Vegas–based, environmentally focused Bitcoin miner:

Founded in 2020 with mining operations commencing in 2021. ^[9]
Operating roughly 9,660 ASIC miners hosted in third‑party data centers in New York and Pennsylvania. ^[10]
Publicly committed to net carbon‑neutral, and later carbon‑negative, Bitcoin mining, with 2023 energy use over 98% renewable and 100% renewable by early 2024 according to company and independent audit statements. ^[11]

Gryphon also cleared a significant overhang in March 2025, when it settled longstanding litigation with Sphere 3D Corp with no monetary payments, fully resolving mutual claims. ^[12] That settlement removed a legal cloud just months before the American Bitcoin merger was finalized.

Who Runs American Bitcoin – and Why It’s in the Headlines

The merged entity, American Bitcoin Corp (ABTC), is:

A Bitcoin mining and accumulation company majority‑linked to miner Hut 8, which previously housed it as a sub‑segment. ^[13]
Co‑founded by Eric Trump, who serves as chief strategy officer, with Donald Trump Jr. a shareholder. ^[14]

That combination — Trump family involvement, a large Bitcoin treasury, and a fresh Nasdaq listing — made ABTC one of the most talked‑about crypto‑equity launches of 2025.

Following the May 2025 merger announcement, Gryphon’s stock more than tripled, and by September the combined company’s market capitalization exceeded $7 billion at peak, according to multiple financial press reports. ^[15]

December 2025: The Lock‑Up Expiry That Smashed the Stock

The main story today is the dramatic post‑lock‑up collapse that hit ABTC in early December.

What Happened?

On December 2, 2025, a major lock‑up on pre‑merger private‑placement shares expired, freeing early investors to sell. ^[16]
As those holders rushed to take profits after a spectacular run‑up since listing, the stock plunged more than 50% intraday, with several trading halts triggered by volatility. ^[17]
By the afternoon, ABTC was down roughly 35–40% on the day, closing near $2.33, and erasing about $1 billion in market value compared with prior days. ^[18]

The selling didn’t occur in a vacuum. Financial press coverage framed the move against:

A “crypto winter”‑style downdraft in Bitcoin, which has slipped roughly 30% from an October high around $126,000 to the low–$90k range. ^[19]
A broader slump in Trump‑linked crypto plays — including meme tokens and other ventures — that have given back most of their 2024–early‑2025 gains. ^[20]

Executives from both American Bitcoin and Hut 8 have emphasized that they, and the Trump family, did not sell shares into the unlock, characterizing the chaos as profit‑taking by early financial backers. ^[21]

Where Is the Stock Now?

As of December 6, 2025:

ABTC is trading around $2.23 per share, with an intraday range this week roughly $2.17–$2.41. ^[22]
The implied market capitalization is roughly $2.0–$2.1 billion, depending on the share‑count source. ^[23]
That’s around 85% below its 52‑week high near $14.65. ^[24]

In other words, the stock is now trading closer to where it started after the merger — but with far more public float, jittery sentiment, and headline risk than at debut.

Under the Hood: Earnings, Treasury and Operations

Despite the price carnage, American Bitcoin’s recent fundamentals look much healthier than its chart.

Q3 2025 Results: A Breakout Quarter

On November 14, 2025, ABTC reported third‑quarter 2025 results:

Revenue: $64.2 million (vs. $11.6 million in the same quarter a year earlier).
Net income: $3.5 million (vs. a $0.6 million loss year‑on‑year). ^[25]
The quarter included a $5.5 million loss on digital assets, reflecting Bitcoin price swings. ^[26]

The company also disclosed that it:

Generated 563 BTC in Q3, more than half the 1,006 BTC produced across the first nine months of 2025, underscoring a ramp in capacity. ^[27]
More than doubled revenue sequentially and improved gross margins and adjusted EBITDA, according to both company releases and earnings‑call commentary. ^[28]

Several coverage pieces described this as an “operational turnaround”, with American Bitcoin positioning itself as a hybrid between a miner and a Bitcoin treasury company. ^[29]

The Bitcoin Treasury: 4,000+ BTC on the Balance Sheet

A major part of the investment thesis — inherited from Gryphon’s “mine and hold” strategy — is the size of ABTC’s Bitcoin reserves:

As of mid‑November 2025, the company reported holding around 4,090 BTC, including coins in custody and those pledged to finance miner purchases. ^[30]
Earlier disclosures pegged holdings at 3,418 BTC as of September 30, 2025, equivalent to 371 satoshis per share at that time. ^[31]

At recent Bitcoin prices in the low 90‑thousands, that reserve represents roughly $380–$400 million of Bitcoin exposure, on top of the mining business itself. ^[32]

For investors, that makes American Bitcoin:

Part high‑beta Bitcoin proxy (via its treasury), and
Part operating miner with leverage to hash‑rate growth, cost per kWh, and mining difficulty.

ESG Angle: Does the Old Gryphon DNA Still Matter?

Gryphon built its narrative around being one of the first carbon‑neutral, and then carbon‑negative, public Bitcoin miners, relying heavily on hydroelectric and other low‑carbon power sources. ^[33]

Official materials still emphasize environmentally responsible mining and efficient infrastructure, and American Bitcoin’s own messaging leans on that legacy when pitching itself as a “most investable” Bitcoin accumulation platform. ^[34]

For ESG‑sensitive investors, the key questions now are:

How much of Gryphon’s renewable‑only energy mix and carbon‑negative initiatives survive in the larger ABTC strategy?
Whether scaling to a 4,000+ BTC treasury and expanded hash‑rate can be done while maintaining those environmental commitments.

Public disclosures still highlight sustainability, but the market reaction suggests investors are presently more focused on dilution, lock‑ups, and Bitcoin price than on ESG branding.

What Do Forecasts and Analysts Say About the Stock?

Because the ticker changed only recently and the story is unusual, traditional Wall Street coverage is thin and somewhat inconsistent.

Analyst Ratings

One data feed from MarketWatch lists ABTC’s average recommendation as “Hold” with a single analyst target around $80, implying very large upside from today’s ~$2 level — but this appears to be based on early, pre‑crash estimates and should be treated with caution. ^[35]
TipRanks, by contrast, shows no active analyst price targets and describes the consensus as effectively “Hold” based on zero formal ratings, underlining how new and lightly covered the stock is. ^[36]
Forecast pages on Investing.com and other platforms flag American Bitcoin as high‑risk, high‑volatility, with forward projections heavily dependent on Bitcoin price assumptions and treasury growth. ^[37]

Short‑Term Technical Outlook

Algorithmic technical‑analysis tools show extreme daily swing potential:

One widely used service expects ABTC to trade between about $1.98 and $2.48 on the next session, a possible intraday move of roughly ±25% from the reference price — a level of volatility more typical of small‑cap cryptos than mainstream equities. ^[38]

On the legacy GRYP symbol, some forecasting engines still output price targets, such as:

A 4–5% upside over the next month and long‑term ceilings in the low single‑digit dollars rather than triple‑digit prices, with the latest update timestamped December 6, 2025. ^[39]

Because GRYP is no longer the live ticker, these numbers are best viewed as approximate directional sentiment rather than precise guidance.

Narrative‑Driven Analysis

Recent editorial and research coverage tends to cluster around two themes:

Bullish narrative:
- American Bitcoin is presented as a fast‑growing miner with a rapidly expanding BTC treasury, positive net income, and a long‑term, “Bitcoin‑first” strategy. ^[40]
- Pro‑crypto commentators highlight management’s conviction that a parabolic Bitcoin rally could make current turbulence look like noise. ^[41]
Bearish / cautious narrative:
- Financial and business desks at outlets like the Financial Times, Bloomberg and others stress that ABTC has already lost 70–80% from its highs, with market cap compressing by roughly $1 billion in days. ^[42]
- Several pieces warn that further lock‑up expiries in 2026 could create additional waves of selling, even if fundamentals remain solid. ^[43]
- Governance concerns, concentration of control, and the overlap between political branding and capital markets hype are recurring risk themes. ^[44]

Key Risks for Investors Watching “Gryphon” / ABTC

Whether you still think of it as Gryphon Digital Mining or as American Bitcoin, the stock comes with a high‑octane risk profile:

Bitcoin Price Risk
- Revenues, earnings, and the value of the BTC treasury are all highly sensitive to Bitcoin’s spot price. A prolonged downturn would compress margins and shrink book value.
Unlock and Dilution Risk
- The early‑December sell‑off showed how violently the stock can react when restricted shares are freed, and analysts are already flagging more unlocks in 2026 as potential pressure points. ^[45]
Volatility & Liquidity Halts
- A stock that can fall 40–50% in under an hour and trigger multiple volatility halts is not suitable for all investors. ^[46]
Regulatory and Political Overhang
- The association with high‑profile political figures can be a double‑edged sword: it may boost visibility but also attract additional regulatory, media, and public‑opinion scrutiny. ^[47]
Governance and Concentration of Control
- Coverage from some research sites notes concerns about limited independent board representation and concentrated shareholder power, common issues in founder‑driven, newly public companies. ^[48]

How to Think About Gryphon / ABTC Going Forward

For speculative traders, ABTC currently offers:

Massive volatility, tight spreads relative to volume, and frequent news catalysts.
Direct leveraged exposure to both Bitcoin price and hash‑rate growth, plus event risk from any future policy announcements, lock‑up expiries, or capital raises.

For more long‑term, fundamentals‑driven investors, the key questions may be:

Can American Bitcoin sustain triple‑digit revenue growth and positive net income if Bitcoin trades sideways or lower? ^[49]
Will management balance treasury accumulation with dilution and over‑reliance on equity markets — lessons learned from earlier “Bitcoin treasury” stories? ^[50]
And are you comfortable with the governance, political association, and ESG claims that define the brand?

If you first discovered the company as Gryphon Digital Mining stock (GRYP), the most practical step now is to track and research it under its active ticker, ABTC, and treat old GRYP forecasts and charts as historical context rather than actionable guidance.

Bottom Line

As of December 6, 2025, Gryphon Digital Mining’s story is inseparable from American Bitcoin Corp:

The company has real revenues, a growing BTC treasury, and recent profitability, but
Its stock has just endured a brutal, lock‑up‑driven crash in a fragile crypto market, and
Forecasts and analyst coverage reflect both excitement and deep caution.

Anyone considering exposure should approach ABTC as a high‑risk, news‑driven Bitcoin proxy, size positions (if any) accordingly, and keep a close eye on future lock‑up dates, treasury disclosures, and Bitcoin’s macro trend.