Key Takeaways
- American Bitcoin is a new crypto mining/treasury firm backed by Eric Trump and Donald Trump Jr.
- Hut 8 will own 80% of the firm.
- The brothers are currently travelling in Hong Kong and Japan to secure more crypto assets for American Bitcoin’s treasury.
A Bitcoin (BTC) mining venture backed by Eric and Donald Trump Jr. is on track to go public and start trading on the Nasdaq stock exchange in September, but it’s skipping the initial public offering (IPO).
American Bitcoin
According to reports, the Trump-son-backed BTC miner, American Bitcoin, will finalize its merger with Gryphon Digital Mining and form a new entity that will operate under the former’s name.
Hut 8, a Miami-based mining firm that has an 80% stake in American Bitcoin, says the merger is expected to be finalized soon, and anticipates trading to begin as early as September.
The Trump brothers, alongside Hut 8, will hold a combined 98% of the new merged entity, which will trade under the ticker ABTC.
Anchor shareholders for the listing have also been secured, notably with participation from the co-founders of the Gemini crypto exchange, Tyler and Cameron Winklevoss.
Merger Over IPO
Interestingly, the move to launch via a merger, instead of the typical IPO, was a strategic decision.
Hut 8 CEO and co-founder, Asher Genoot, explained that they saw more financing advantages with an existing company “that already had access to different financing too.”
He adds that American Bitcoin could acquire stakes in firms outside of the U.S. to offer broader access to publicly listed BTC assets. He notes:
“Right now it’s very early. So we haven’t been committed to anything.”
At present, the Trump brothers are in Hong Kong, shopping for digital assets to integrate into their treasury.
This also includes a trip to Japan, which will see them attend an event of Metaplanet, the nation’s leading Bitcoin treasury firm.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
