American Bitcoin, a bitcoin miner firm backed by the U.S. President Donald Trump’s sons, Donald Trump Jr. and Eric Trump, is set to start trading on the Nasdaq in September.
This will be enabled via an all-stock merger with Gryphon Digital Mining, an AI and mining infrastructure provider. The statement was confirmed by Hut 8, the company’s largest investor.
According to Reuters, the company’s Co-Founder, Eric Trump, his brother Donald Trump Jr., and Hut 8 will own a combined 98% of the newly formed entity, which will retain the name American Bitcoin and trade under the stock code ABTC.
The decision to pursue a merger instead of an individual Nasdaq listing was driven by financial advantages.
“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,” Alex Genoot, CEO of Hut 8, said in an interview at the Crypto Asia conference in Hong Kong.
American Bitcoin’s International Expansion Plan
This move aligns with American Bitcoin’s aim of acquiring crypto assets in Eastern Asia to grow its international business.
Next month, in September, Eric Trump is also set to attend a shareholder meeting of Japanese Bitcoin treasury firm Metaplanet Inc. in Tokyo. Eric is an advisor to Metaplanet.
Also read: HK Official Avoids Crypto Event to Steer Clear of Eric Trump
