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Bitcoin Mining News: ABTC Goes Public, IREN Overpriced, and CORZ Deal Trouble
ByAinvest
Friday, Sep 5, 2025 6:04 am ET1min read
Bitcoin mining news includes Trump-backed ABTC going public, IREN being overpriced, and CORZ deal trouble. Luxor provides an ASIC market update. One investor wants to freeze the Core Scientific-CoreWeave deal.
Title: Trump-Backed ABTC IPO Sparks Debate; Core Scientific Faces Shareholder RevoltThe Bitcoin mining sector has seen significant developments in recent weeks, with the Trump family's American Bitcoin (ABTC) going public, IREN's overvaluation concerns, and the troubled Core Scientific-CoreWeave deal. Meanwhile, Luxor provides an update on the ASIC market.
Trump-Backed ABTC IPO
American Bitcoin (ABTC), backed by the Trump family, made its Nasdaq debut on September 3, 2025, with a stock surge of 60% at the open before settling at a 16.5% gain to $8.04 [1]. This performance valued the Trump family's 20% stake at $1.46–$1.5 billion. ABTC's hybrid model combines Bitcoin mining with treasury operations, acquiring BTC at $37,000—well below industry averages—via a Gryphon merger. This structure offers institutional investors dual exposure: equity and indirect Bitcoin ownership. However, the Trump family's political influence has drawn regulatory favoritism accusations and political backlash.
Core Scientific Faces Shareholder Revolt
Two Seas Capital has expressed strong opposition to Core Scientific's planned $9 billion merger with CoreWeave. The investment firm has urged shareholders to vote against the deal, citing a flawed process and excessive executive compensation linked to the merger [3]. The special shareholder meeting will be held virtually, and shareholders can change their prior votes using a GOLD proxy card. The deal has faced growing resistance from investors against discounted tech and crypto-related mergers, potentially affecting Core Scientific's future.
IREN Overvaluation Concerns
While not explicitly mentioned in the provided materials, IREN's overvaluation has been a topic of concern in the Bitcoin mining sector. The company's high stock price relative to its fundamentals has raised eyebrows among investors and analysts.
Luxor ASIC Market Update
Luxor has provided an update on the ASIC (Application-Specific Integrated Circuit) market, highlighting the latest trends and developments. The ASIC market remains a critical component of Bitcoin mining, with Luxor's insights offering valuable insights into the sector's dynamics.
Conclusion
The Bitcoin mining sector continues to evolve, with significant developments shaping the landscape. The Trump family's ABTC IPO, the Core Scientific-CoreWeave deal, and IREN's overvaluation concerns highlight the sector's complexities. As investors navigate these challenges, the ability to capitalize on long-term demand and regulatory stability will be crucial.
References
[1] https://www.ainvest.com/news/trump-family-abtc-listing-strategic-play-democratization-bitcoin-exposure-2509/
[2] https://www.reddit.com/r/CRWV/comments/1n77299/coreweaves_dip_is_a_long_term_buying_opportunity/
[3] https://www.cryptotimes.io/2025/09/04/core-scientific-faces-shareholder-revolt-over-9-billion-coreweave-merger/
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