AsianFin -- American Bitcoin, the Bitcoin mining company supported by U.S. President Donald Trump’s sons, is preparing to start trading on the Nasdaq as early as September, following an all-stock merger with Gryphon Digital Mining, the company’s largest investor said.
The unlisted firm has secured backing from both crypto-focused and traditional investors to finalize the merger. Asher Genoot, CEO of Hut 8—which holds an 80% stake in American Bitcoin—said the merger is expected to close shortly, paving the way for the public listing. Anchor shareholders for the new entity have already been finalized.
After the merger, co-founders Eric Trump and Donald Trump Jr., together with Hut 8, will control 98% of the combined company. The new entity will retain the American Bitcoin name and trade under the ticker ABTC.
Genoot explained the strategic choice of merging with an existing company rather than pursuing a traditional initial public offering. “Instead of going public directly via IPO, we thought there were a lot more advantages to financing if we had an existing company that already had access to different financing,” he said during the Crypto Asia conference in Hong Kong.
The Nasdaq debut marks a high-profile move for a company closely associated with the Trump family, as it seeks to leverage rising interest in cryptocurrency mining among institutional and retail investors.
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