American Bitcoin Plans Nasdaq Listing
American Bitcoin, the bitcoin miner partially owned by two of President Donald Trump’s sons, is set to list on the Nasdaq in September, according to Asher Genoot, the CEO of Hut 8, which holds the remaining 80% stake.
The company is in the process of finalizing a merger with Gryphon Digital Mining, which will facilitate its public debut, as reported by Reuters. Once the merger is complete, existing shareholders are projected to maintain ownership of approximately 98% of the newly formed entity.
Launched in March, American Bitcoin aims to increase its bitcoin reserves through both mining activities and outright purchases for its balance sheet. The involvement of Donald Trump Jr. and Eric Trump connects the company to one of the most notable political families in the United States.
This announcement comes just days after another Trump-associated company, Trump Media and Technology Group (DJT), revealed its plans to establish a joint venture with Crypto.com, which will go public by merging with a special purpose acquisition vehicle (SPAC).
Recently, American Bitcoin secured $220 million from accredited investors, in addition to $10 million worth of bitcoin accepted in lieu of cash. The funds are aimed at enhancing its infrastructure and bolstering its treasury as it approaches its publicly traded status.
During his speech at the Bitcoin Asia conference in Hong Kong, Genoot noted that the miner might also consider investing in businesses outside the U.S. to improve access to bitcoin-linked securities. Since some investors cannot directly purchase Nasdaq-listed stocks, Genoot indicated that international partnerships could offer a route for exposure through regulated entities.
For American Bitcoin, the anticipated listing signifies a belief that public markets will continue to seek direct exposure to crypto miners, despite rising competition and fluctuations in energy costs. A September debut would position the company among a select group of miners aiming for public listings to attract institutional investors.
This move additionally provides Toronto-based Hut 8 with another strategic opportunity to assert itself as a leading North American mining entity while offering the Trump brothers a stake in a business closely linked to the expansion of bitcoin.
Recently, shares of Hut 8 traded at 0.6% higher, reaching $26.5.
