American Bitcoin, backed by Trump's sons, set for NASDAQ debut
What's the story
American Bitcoin, a cryptocurrency mining company backed by US President Donald Trump's sons Eric Trump and Donald Trump Jr., is gearing up for its NASDAQ debut. The firm has secured funding from both crypto and traditional investors for an all-stock merger with Gryphon Digital Mining. Asher Genoot from Hut 8 (HUT.O), the majority stakeholder in American Bitcoin, has confirmed that trading is expected to begin in early September, according to Reuters.
Upcoming merger
Trading under ticker symbol ABTC
The merger with Gryphon Digital Mining is expected to be finalized soon. Hut 8, which holds 80% of American Bitcoin, said the anchor shareholders for the listing have already been confirmed. The new entity will continue under the name American Bitcoin and trade under the ticker symbol ABTC. Together, Eric Trump, his brother Donald Trump Jr., and Hut 8 will own a combined 98% of this newly formed company.
Business growth
Plans to acquire offshore crypto assets
American Bitcoin is looking to expand its global business by acquiring crypto assets in Hong Kong and Japan. Genoot said the company might invest in non-US firms to provide access to publicly listed bitcoin assets. This move comes as some investors have been unable to buy NASDAQ-listed stocks. However, Genoot clarified that no commitments have been made yet, as it is still early days for this strategy.