American Bitcoin, a new venture backed by the Trump family and Hut 8, is gearing up for its debut on the Nasdaq exchange. The company is expected to be listed by September following its merger with Gryphon Digital Mining.
Created in March of this year, American Bitcoin was established after Hut 8, a prominent player in the Bitcoin mining sector, partnered with Eric Trump and Donald Trump Jr. to form a new entity focused on mining and treasury accumulation. Hut 8 retains an 80% stake in the company, while the Trump brothers own 18%.
CEO Asher Genoot confirmed to Reuters that American Bitcoin is on track for its Nasdaq debut under the ticker ABTC. The company opted for an all-stock merger with Gryphon Digital Mining to streamline the listing process, avoiding the complexities of a traditional IPO.
The merger agreement will see American Bitcoin shareholders owning 98% of the new company’s shares, with Gryphon shareholders holding just 2%. The company aims to become the world’s largest and most efficient pure-play Bitcoin miner, utilizing a combination of mining operations and direct Bitcoin purchases to bolster its treasury.
With a current holding of 1941 BTC worth approximately $214 million, American Bitcoin is not just focused on mining but also on strategic treasury management. The company is actively exploring expansion opportunities in Japan and Hong Kong while leveraging Hut 8’s infrastructure in North America.
By combining Hut 8’s established data centers with its own mining operations, American Bitcoin aims to position itself as a key player in the global Bitcoin mining industry. As the company prepares for its Nasdaq debut, it is poised to make a significant impact in the cryptocurrency market with the backing of the Trump family and a strong foundation in mining operations.