American Bitcoin, a bitcoin mining company backed by two sons of former President Donald Trump, is set to make its debut on the Nasdaq following a significant merger with Gryphon Digital Mining. Asher Genoot, CEO of Hut 8—which holds an 80% stake in American Bitcoin—confirmed that the merger is nearing completion and anticipates the new company will begin trading under the ticker symbol ABTC by early September 2025.
The merger has attracted both traditional and cryptocurrency investors, including Tyler and Cameron Winklevoss, co-founders of Gemini. The Winklevoss twins are among the anchor shareholders in the listing. Genoot indicated that this strategic partnership enhances the company’s appeal to a broader investor base, allowing American Bitcoin to leverage existing financing avenues more effectively than a traditional IPO would.
American Bitcoin, co-founded by Eric Trump and Donald Trump Jr., will maintain a combined ownership of 98% alongside Hut 8. The firm aims to position itself as a leader in the sector, aspiring to be the “world’s largest, most efficient pure-play bitcoin miner.” This ambition comes amid a growing interest in cryptocurrency, driven by recent legislative changes in the U.S. intended to support the industry.
Genoot elaborated on the firm’s dual approach to accumulating bitcoin, stating,
“Instead of just a treasury strategy where companies raise money to buy bitcoin or just a mining company… we ebb and flow between which one is the best return at different times.”
This flexible strategy allows American Bitcoin to optimize its investments based on market conditions.
In its pursuit of growth, American Bitcoin is actively exploring investments in crypto assets across Asia, particularly in regions like Hong Kong and Japan. This expansion is part of a broader strategy to provide access to publicly listed bitcoin assets for investors who may face restrictions on purchasing Nasdaq-listed stocks.
As the firm readies for its launch, it has also secured a partnership with Hut 8, which will lease data centers to American Bitcoin, facilitating its mining operations. Genoot noted that while Eric Trump plays a pivotal role in strategic planning, particularly concerning mining, site development, and treasury management, American Bitcoin operates independently of governmental influence.
The establishment of American Bitcoin has sparked discussions about potential conflicts of interest, given the Trump family’s involvement in the cryptocurrency sector during a time of increased regulatory focus. However, the White House has dismissed these concerns, emphasizing the firm’s independence from political agendas.
In a related development at the Bitcoin Asia conference, Nakamoto Holdings, led by crypto advocate David Bailey, announced its commitment to fostering the growth of early-stage crypto startups across Asia. Kevin Zhang, head of Asia at Nakamoto, stated,
“We’re also going to be looking at other opportunities where we can incubate and do M&As.”
This initiative aligns with the broader push to expand the cryptocurrency ecosystem in 2025 and beyond.
As American Bitcoin prepares to enter the public market, its innovative approach and strategic partnerships position it well within the rapidly evolving landscape of cryptocurrency investment.
