- ‘American Bitcoin,’ a new miner backed by the Trump sons, is set to go public on Nasdaq in September.
- The company is the result of a merger between Hut 8 and Gryphon Digital Mining.
- The new firm, trading under the ticker ABTC, is reportedly seeking to acquire assets in Asia.
American Bitcoin, the bitcoin miner backed by Donald Trump’s two sons, is about to start trading on Nasdaq.
According to Asher Genoot, the CEO of Hut 8, the firm is on the verge of completing a merger with Gryphon Digital Mining and plans to start trading in September.
How Is ‘American Bitcoin’ Structured?
Hut 8 is the largest investor, holding up to 80% of the company’s shares. After the merger, the Trump sons and Hut 8 will jointly own 98% of the new entity. The company will operate under the name American Bitcoin and trade on the Nasdaq with the stock ticker ABTC.
Speaking at the Bitcoin Asia Conference in Hong Kong, Genoot explained why the firm chose a merger over a traditional IPO, noting it was more beneficial to work with an existing company that had other financing channels. Eric Trump also traveled to Hong Kong and plans to attend Metaplanet’s event in Tokyo this coming weekend.
Related: Hut 8 Pivots to AI, Spins Off Mining to Trump-Linked ‘American Bitcoin’
American Bitcoin seeks investment outside the US
A previous report suggested that American Bitcoin is seeking digital assets to purchase in Hong Kong and Japan. The latest trip by the firm’s executives aligns with the earlier suggestion, and Genoot confirmed that the new firm is open to taking stakes in companies outside of the US in line with its goal of giving people access to publicly listed bitcoin assets.
In the meantime, Genoot noted that everything is still in the planning stage, as American Bitcoin has yet to finalize its commitment.
Meanwhile, Hut 8 has shifted its focus to energy infrastructure and data centers, moving away from its mining services after partnering with Trump’s sons to launch American Bitcoin.
What Does This Mean for the Trump Family and Crypto?
This move highlights the Trump family’s growing interest in crypto ventures. Hut 8, for its part, has shifted its focus to energy infrastructure and data centers after partnering with the Trump sons to launch American Bitcoin.
Related: Hong Kong Officials Withdraw From Bitcoin Conference Headlined by Eric Trump
While President Trump has his own documented involvement in other crypto-related activities, there are no reports that he is directly involved in the American Bitcoin company structure.
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Source: https://coinedition.com/trump-sons-american-bitcoin-nasdaq-debut/
