Core Viewpoint - American Bitcoin's stock price experienced a significant decline of 39% due to selling pressure from early investor share unlocks, indicating volatility in the market following the release of pre-merger shares [1]. Group 1: Share Unlocks and Market Impact - The pre-merger private placement shares unlocked on December 2, allowing early investors to cash in for the first time, contributed to the stock's volatility [1]. - American Bitcoin closed a $220.1 million unregistered private equity placement on June 27, 2025, but SEC filings did not specify any lock-up periods for investors, leading to uncertainty regarding which specific shares were unlocked [2]. - The first major unlock of pre-merger shares occurred on December 2, involving early investors who supported American Bitcoin months prior [2]. Group 2: Company Background and Market Context - American Bitcoin went public on Nasdaq on September 3, 2025, after completing a reverse merger with Gryphon Digital, with Hut 8 holding an 80% stake in the company [3]. - The selloff of American Bitcoin's shares coincided with a broader decline in bitcoin-related equities, with many major bitcoin mining stocks experiencing a drop of 20-40% month-over-month [4].