American Bitcoin, the cryptocurrency mining firm co-founded by Eric Trump and Donald Trump Jr., is poised to become a publicly traded company. The firm announced it will finalize a merger with Gryphon Digital Mining (GRYP.O) soon, paving the way for an early September debut on the Nasdaq stock exchange. This news comes from Asher Genoot, CEO of Hut 8 (HUT.O), which holds an 80% controlling stake in American Bitcoin. The merger represents a strategic move to leverage established financial infrastructure rather than pursuing a traditional initial public offering (IPO).
The newly formed entity, retaining the American Bitcoin name and trading under the ABTC ticker, will see the Trump brothers, along with Hut 8, holding a combined 98% ownership. Adding further weight to the venture is the investment from Tyler and Cameron Winklevoss, co-founders of the Gemini cryptocurrency exchange. Genoot highlighted the advantages of merging with an existing company, which would grant access to diverse funding opportunities. This strategy contrasts with a direct IPO, offering more flexibility in capital acquisition.
American Bitcoin’s ambitions extend beyond its US operations. The company is actively pursuing acquisitions of cryptocurrency assets in both Hong Kong and Japan to establish a robust global presence. This strategic expansion is driven by a desire to provide investors with access to publicly listed bitcoin assets, who may face restrictions on purchasing Nasdaq-listed stocks. While acknowledging the company’s early stage of expansion, Genoot confirmed that it is exploring international investments to broaden its reach and impact.
The company plans to employ a hybrid strategy for accumulating cryptocurrency, striking a balance between mining operations and direct purchases. This approach enables American Bitcoin to adapt its strategy in response to market conditions and optimize returns. Hut 8, originally a crypto miner itself, has transitioned its focus to energy infrastructure and data centers, further supporting American Bitcoin by leasing data centers to the firm. Genoot clarified that Eric Trump’s role focuses primarily on strategic aspects, including bitcoin mining, site development, and treasury strategy, emphasizing the firm’s independent operation from government influence.
