This Trump Family-Backed New Bitcoin Mining Firm Set for Nasdaq Listing

"American Bitcoin," a Bitcoin (BTC-USD) mining company endorsed by the two sons of former U.S. President Donald Trump, has secured investors from both the cryptocurrency and traditional sectors for an all-stock merger deal, according to its largest investor. This transaction will enable the company to begin trading on the Nasdaq soon.

Asher Genoot, CEO of Hut 8, which holds an 80% stake in American Bitcoin, revealed that the merger between the unlisted company and Gryphon Digital Mining (stock code: GRYP) is nearing completion, with the goal of commencing trading in early September.

He added that the list of anchor shareholders for the listing has been finalized.

American Bitcoin co-founder Eric Trump, his brother Donald Trump Jr., and Hut 8 will collectively hold 98% of the shares in the newly formed entity. The new entity will retain the name "American Bitcoin" and will trade under the ticker symbol ABTC.

Genoot stated in an interview with Reuters at the "Crypto Asia" conference in Hong Kong, "We believe that compared to a direct listing through an initial public offering (IPO), leveraging an existing company with multiple financing channels offers more advantages in terms of funding.

Genoot also mentioned that Eric Trump is currently in Hong Kong and will travel to Tokyo over the weekend to support an event hosted by Metaplanet, a Japanese Bitcoin reserve company.

Two weeks ago, the Financial Times reported that American Bitcoin is seeking to acquire cryptocurrency assets in Hong Kong and Japan to expand its global business.

Genoot noted that since some investors are restricted from purchasing stocks listed on Nasdaq, American Bitcoin may invest in companies outside the U.S. to provide these investors with exposure to publicly traded Bitcoin-related assets.

"Everything is still in the early stages, and we haven’t finalized any specific partnerships yet," he said.

Genoot added that Hut 8 was originally a cryptocurrency mining company but has shifted its focus to energy infrastructure and data centers after co-founding American Bitcoin with the Trump sons.