American Bitcoin Prepares for Nasdaq Debut Amidst Growing Crypto Interest
American Bitcoin, a company backed by the Trump family, is gearing up for a Nasdaq listing, expected to take place by September. This development comes after the company’s merger with Gryphon Digital Mining, which will see the new entity operate under the ticker ABTC. According to reports, Hut 8, a long-time player in the Bitcoin mining sector, holds the majority stake in American Bitcoin, with Eric Trump and Donald Trump Jr. holding 18% of the company.
Key Highlights of the Upcoming Listing
The following points summarize the key aspects of American Bitcoin’s upcoming Nasdaq listing:
- American Bitcoin is expected to be listed on Nasdaq by September.
- After its merger, the new unit will operate under the ticker ABTC with Gryphon Digital Mining.
- Hut 8 holds the majority stake in the company, followed by Eric Trump and Donald Trump Jr.
American Bitcoin was founded in March this year by Hut 8 and the sons of US President Donald Trump, with the goal of creating a company that focuses exclusively on mining and accumulating Bitcoin from the Treasury. The company’s CEO, Asher Genoot, confirmed in an interview with Reuters that the company is using its Nasdaq debut to raise capital and expand its operations.
Merger and Listing Strategy
In order to optimize its Nasdaq listing, American Bitcoin has chosen an all-stock merger with Gryphon Digital Mining instead of pursuing a traditional IPO. This approach saves the company the trouble of navigating the lengthy review and drafting process associated with an initial public offering. According to Genoot, “Instead of going to the public directly by the IPO, we thought that the financing has a lot more advantages if we had an existing company that already had access to different financing.”
The merger is expected to provide American Bitcoin with a faster and cheaper way to become a listed company, while also opening up new financing channels. Although Gryphon is technically the acquiring party, the shareholders of American Bitcoin will hold 98% of the new company’s shares, while Gryphon shareholders will hold only 2% after the merger.
Global Expansion and Growth Plans
American Bitcoin has positioned itself as both a miner and a Bitcoin Treasury vehicle, with the goal of becoming “the largest and most efficient, pure Bitcoin mining company in the world.” The company has padded its balance sheet with direct Bitcoin purchases, holding 1941 BTC as of August 29, according to data from BitcoinTreasuries, with a stash value of around $214 million based on current prices.
Genoot stated that the company is working on expanding its global footprint, with officials actively examining investment opportunities in Japan and Hong Kong. American Bitcoin will continue to rely on Hut 8’s infrastructure in North America, with Hut 8 renting its data centers to the new company and providing a finished operational backbone without having to build facilities from scratch.
For more information on American Bitcoin’s upcoming Nasdaq listing and its growth plans, please visit: https://crypto.news/trump-family-backed-american-bitcoin-expects-nasdaq-debut-in-september/
