American Bitcoin, a Trump family-backed Bitcoin miner, is expected to begin trading on Nasdaq in September after locking in crypto and traditional investors to back an all-stock merger.
American Bitcoin is partially owned by two of President Donald Trump’s sons, Eric Trump and Donald Trump Jr..
American Bitcoin To Trade On Nasdaq In September
According to Asher Genoot, the CEO of Bitcoin miner Hut 8, American Bitcoin has nearly completed its merger with Gryphon Digital Mining. Eric Trump and his brother, Donald Trump Jr., are expected to own 19% of the company. Once the unlisted firms’ merger with Gryphon Digital Mining is completed, it aims to begin trading in early September. Hut 8 owns 80% of American Bitcoin. The newly formed entity will retain the name American Bitcoin and trade under the ABTC ticker. Genoot stated at the Bitcoin Asia Conference in Hong Kong,
“Instead of going public directly via IPO, we thought that there were a lot more advantages to financing if we had an existing company that already had access to different financing too.”
According to Genoot, Eric Trump is also in Hong Kong and will travel to Tokyo to attend an event for Metaplanet, a major Japanese Bitcoin treasury firm.
Big Plans In The Pipeline
American Bitcoin is looking for crypto assets in Hong Kong and Japan to build its global business. Genoot revealed that the company plans to purchase stakes in companies outside the US to give investors access to publicly-traded Bitcoin assets, given that some investors are unable to buy Nasdaq-listed stocks. However, Genoot stressed that it was very early to commit to anything.
“Right now, it’s very early. So we haven’t been committed to anything.”
Genoot also disclosed that Gemini co-founders Tyler and Cameron Winklevoss have also invested in the firm.
American Bitcoin plans to become the world’s largest, most efficient, pure-play Bitcoin miner. The firm’s creation comes as the US has pivoted towards crypto and has accelerated crypto-related legislation to support the industry. Genoot stated that American Bitcoin will adopt a two-pronged strategy, using buying and mining, to accumulate the asset.
“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.”
Potential Conflict Of Interest
On the other hand, President Trump’s critics have flagged several conflicts of interest in promoting the crypto industry, as his family continues promoting crypto. However, the White House has brushed aside these accusations. Genoot also stressed that American Bitcoin had no connections with the US government, and Eric Trump was primarily involved in strategy related to Bitcoin mining, new site development, and treasury strategy.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice
