American Bitcoin, Backed by Trump Family, Anticipates Nasdaq Launch in September

American Bitcoin, a new venture backed by the Trump family, is preparing for a debut on Nasdaq, aiming for a launch by September after its merger with Gryphon Digital Mining. The company focuses on Bitcoin mining and treasury strategy and has made significant progress in establishing itself in the cryptocurrency market.

Key Takeaways

American Bitcoin is expected to debut on Nasdaq by September post-merger with Gryphon Digital Mining.
The company originated from a partnership between Hut 8 and the Trump brothers, with Hut 8 retaining an 80% stake.
The merger opts for an all-stock approach, simplifying the path to becoming public.
American Bitcoin holds 1941 BTC, valued around $214 million, bolstering its treasury strategy.
Plans are in place to expand internationally, particularly in Japan and Hong Kong, while using Hut 8’s infrastructure.

American Bitcoin, Backed by Trump Family, Anticipates Nasdaq Launch in September

Main Content

American Bitcoin, a venture designed with support from the Trump family, is on track for its Nasdaq debut and expects to be listed by September once its merger with Gryphon Digital Mining is finalized.

This company was established after Hut 8, a prominent name in the Bitcoin mining space, collaborated with Eric Trump and Donald Trump Jr. to launch a new entity solely focused on Bitcoin mining and accumulation of treasury.

Formed in March of this year, American Bitcoin emerged as Hut 8 allocated a fraction of its mining resources to the new venture, maintaining an 80% ownership stake, while the Trump brothers control 18%.

Hut 8 CEO Asher Genoot has confirmed in a statement to Reuters that the company is nearing its Nasdaq listing, where it will trade under the ticker symbol ABTC.

To streamline its Nasdaq listing process, the Bitcoin miner chose an all-stock merger with Gryphon Digital Mining instead of pursuing a conventional initial public offering (IPO). This alternative route avoids the lengthy regulatory scrutiny and underwriting challenges typical of an IPO.

“Rather than going public directly through an IPO, we saw greater advantages in financing by merging with an existing company that has established financing avenues,” Genoot noted.

The stock-for-stock merger agreement, which was publicized earlier this year, sets American Bitcoin on a quicker and more cost-effective path to public trading and opens new financing opportunities.

Though Gryphon is seen as the acquiring company, American Bitcoin shareholders will retain 98% of the new entity's shares, while Gryphon shareholders will hold a mere 2% after the merger.

American Bitcoin aims to be recognized not only as a miner but also as a Bitcoin treasury vehicle, aspiring to become “the world’s largest, most efficient pure-play bitcoin miner.”

In addition to generating revenue from newly mined coins, the company is proactively increasing its balance by making direct Bitcoin purchases. As of August 29, 2023, American Bitcoin holds 1941 BTC, valued at approximately $214 million based on current market rates.

Genoot explained, “We alternate strategies between treasury management and mining based on which approach offers the best returns at any given time.”

Moreover, Genoot shared that efforts are underway to broaden American Bitcoin’s international presence, with active pursuits in investment opportunities in Japan and Hong Kong.

While expanding globally, the company will continue to utilize Hut 8’s infrastructure domestically. Hut 8 plans to lease its North American data centers to American Bitcoin, providing an operational framework without the need for establishing new facilities.