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We present a comprehensive study on the silver bismuthate Ag$_2$BiO$_3$, synthesized under high-pressure high-temperature conditions, which has been the subject of recent theoretical work on topologically complex electronic states. We present X-ray photoelectron spectroscopy results showing two different bismuth states, and X-ray absorption spectroscopy results on the oxygen $K$-edge showing holes in the oxygen bands. These results support a bond disproportionated state with holes on the oxygen atoms for Ag$_2$BiO$_3$. We estimate a band gap of $\sim$1.25~eV for Ag$_2$BiO$_3$ from optical conductivity measurements, which matches the band gap in density functional calculations of the electronic band structure in the non-symmorphic space group $Pnn2$, which supports two inequivalent Bi sites. In our band structure calculations the disproportionated Ag$_2$BiO$_3$ is expected to host Weyl nodal chains, one of which is located $\sim$0.5~eV below the Fermi level. Furthermore, we highlight similarities between Ag$_2$BiO$_3$ and the well-known disproportionated bismuthate BaBiO$_3$, including breathing phonon modes with similar energy. In both compounds hybridization of Bi-$6s$ and O-$2p$ atomic orbitals is important in shaping the band structure, but in contrast to the Ba-$5p$ in BaBiO$_3$, the Ag-$4d$ bands in Ag$_2$BiO$_3$ extend up to the Fermi level.