Trump family-backed American Bitcoin is gearing up for a Nasdaq debut and expects to be listed by September once its merger with Gryphon Digital Mining is complete.
Summary
- American Bitcoin expects to be listed on Nasdaq by September.
- The new entity will trade under the ticker ABTC after its merger with Gryphon Digital Mining.
- Hut 8 owns the majority stake in the company, followed by Eric Trump and Donald Trump Jr.
American Bitcoin was created after Hut 8, a longtime player in the Bitcoin mining sector, partnered with U.S. President Donald Trumpโs sons Eric Trump and Donald Trump Jr. to spin off a new venture focused solely on mining and treasury accumulation.
The company was formed in March this year, after Hut 8 allocated a portion of its mining infrastructure to the newly minted entity while retaining an 80% stake, while the Trump brothers own 18% of the company.
Speaking to Reuters, Hut 8 CEO Asher Genoot has confirmed that the company is closing in on its Nasdaq debut, where it will trade under the ticker ABTC.
For streamlining its Nasdaq listing, the Bitcoin miner has opted for an all-stock merger with Gryphon Digital Mining rather than pursuing a traditional IPO.
Taking this route saves the company the hassle of navigating the lengthy regulatory review and underwriting process tied to an initial public offering.
โInstead of going public directly via IPO, we thought that there was a lot more advantages to financing if we had an existing company that already had access to different financing too,โ Genoot said.
The stock-for-stock merger agreement, announced earlier this year, offers American Bitcoin a faster and more cost-efficient path to becoming a publicly traded firm, while opening up new financing channels.
Although Gryphon is technically the acquiring party, shareholders of American Bitcoin will own 98% of the new companyโs shares, while Gryphon shareholders will hold just 2% following the merger.
Not just a treasury strategy
American Bitcoin has positioned itself as both a miner and a Bitcoin treasury vehicle, and hopes to become โthe worldโs largest, most efficient pure-play bitcoin miner.โย
Instead of relying solely on newly mined coins, the company has also padded its balance sheet with direct Bitcoin purchases. As of Aug. 29, the company holds 1941 BTC according to data from Bitcointreasuries, with the stash value at roughly $214 million based on current prices.
โInstead of just a treasury strategy where companies raise money to buy bitcoin or just a mining companyโฆwe ebb and flow between which one is the best return at different times,โ Genoot explained.
Furthermore, Genoot said that officials are already working on expanding American Bitcoinโs global footprint, and the company is actively exploring investment opportunities in Japan and Hong Kong.ย
While plotting international growth, the firm will continue to lean on Hut 8โs infrastructure at home. Hut 8 will lease its data centers in North America to American Bitcoin, giving the new venture a ready-made operational backbone without the need to build facilities from scratch.
