American Bitcoin, Backed By Trump's Sons, Plans To Go Public On Nasdaq In September. Here Is How

(MENAFN- Live Mint) American Bitcoin, a US-based bitcoin miner, is set to go public on Nasdaq through an all-stock merger with Gryphon Digital Mining. The company is backed by President Donald Trump's two sons,

The unlisted crypto firm's merger will be finalised shortly, with the goal to begin trading in early September, Asher Genoot, CEO of Hut 8, which holds 80% of American Bitcoin, told Reuters.

Who owns the new entity?

According to Genoot, anchor shareholders in the listing have already been finalised for the soon-to-be merged companies.

Hut 8, American Bitcoin's largest investor, along with the bitcoin company's co-founder Eric Trump and his brother Donald Trump Jr , will own a combined 98% of the newly formed entity.

Also Read | How Eric Trump became one of crypto's greatest evangelists

The newly formed entity will retain the name American Bitcoin and will trade on Nasdaq under the stock code ABTC.

Global expansion efforts

The crypto firm chose a merger instead of an IPO, as it was considered a more advantageous way of going public. "Instead 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," Genoot told Reuters in an interview at the Crypto Asia conference in Hong Kong.

He also mentioned that Eric Trump is currently in Hong Kong and plans to travel to Tokyo on the weekend to attend an event of Metaplanet, a Japanese bitcoin treasury firm.

American Bitcoin is hunting for crypto assets to buy in Hong Kong and Japan to expand and build out its global business, the Financial Times reported two weeks ago.

Also Read | Michael Saylor Bets on a $100 Billion Bitcoin 'Credit' Dream

Genoot noted that American Bitcoin could take stakes in companies outside of the US to provide access to publicly listed bitcoin assets for investors who were unable to buy Nasdaq-listed stocks.

"Right now it's very early. So we haven't been committed to anything," Genoot said.

Strategic shift

Hut 8, which was previously focused on crypto mining, has now shifted its business model to focus on energy infrastructure and data centres.

This shift happened after the launch of American Bitcoin with the Trump brothers, Genoot told Reuters.

Also Read | Trump family's American Bitcoin to go public today - all you need to know

Bitcoin has seen its price hit a record high this year, led by the newfound optimism among an increasing number of investors due to Trump's pro-crypto agenda. Trump, who was a crypto sceptic in his first term, flipped his stance on the issue during his 2024 campaign and came to rely on the crypto industry's money in his effort to defeat former Vice President Kamala Harris.

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