American Bitcoin, a BTC mining firm backed by Eric Trump and Donald Trump Jr., is preparing to go public through an all-stock merger with Gryphon Digital Mining.
Per a new Reuters report, the merger is expected to close shortly, with trading on the Nasdaq targeted for early September under the ticker symbol ABTC, according to Hut 8 CEO Asher Genoot.
[adinserter block="1"]Hut 8 holds an 80% stake in American Bitcoin and will retain a majority interest following the merger.
Anchor investors have been secured, including Gemini co-founders Tyler and Cameron Winklevoss. Gemini did not respond to requests for comment.
The newly formed entity will keep the American Bitcoin name. Hut 8 and the Trump brothers will collectively own 98% of the company.
Genoot said the firm chose a merger over a traditional initial public offering to access broader financing options. He spoke at the Bitcoin Asia conference in Hong Kong, where Eric Trump was also in attendance. Trump is scheduled to travel to Tokyo for an event hosted by Metaplanet, a Japanese Bitcoin treasury firm.
American Bitcoin is exploring acquisitions in Hong Kong and Japan to expand its global footprint. Genoot said the company may invest in firms outside the United States to offer access to publicly listed bitcoin assets in markets where Nasdaq stocks are restricted.
Founded in March 2025, American Bitcoin aims to become the world’s largest and “most efficient pure-play Bitcoin miner.” The company plans to accumulate Bitcoin through both mining and direct purchases.
Donald Trump’s critics have raised concerns about potential conflicts of interest for the current administration.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
