American Bitcoin, the bitcoin miner backed by Donald Trump Jr. and Eric Trump, has locked in crypto and traditional investors to back an all-stock merger that will allow the firm to start trading on the Nasdaq under ticker ABTC in early September. The merger with Gryphon Digital Mining is set to be finalized shortly, positioning the newly formed entity as a pure-play bitcoin mining company aimed at the public markets. Asher Genoot, CEO of Hut 8, stated at the Bitcoin Asia conference in Hong Kong that Hut 8 holds an 80% stake in American Bitcoin, with Eric Trump, Donald Trump Jr., and Hut 8 controlling a combined 98% of the new entity.
Gemini co-founders Tyler and Cameron Winklevoss have also invested in American Bitcoin, joining a roster of investors securing anchor shareholder positions ahead of the Nasdaq debut. Hut 8 will lease data center capacity to support American Bitcoin’s mining operations, leveraging its expertise in energy infrastructure and data center management. The merger structure was chosen over a traditional IPO to access broader financing channels and strategic capital partnerships, offering advantages in speed and flexibility according to Genoot.
American Bitcoin plans a dual strategy of mining and acquiring bitcoin through treasury operations, shifting allocation between the two approaches to maximize returns based on market conditions. Genoot explained that the firm will “ebb and flow” between mining and asset purchases, choosing the best return strategy at any given time. This dynamic capital allocation is designed to optimize shareholder value and adapt to bitcoin price fluctuations and mining margins.
Expansion beyond U.S. borders is a key component of American Bitcoin’s growth plan. The company is exploring acquisitions of crypto assets in regions such as Hong Kong and Japan to provide publicly listed bitcoin investment vehicles to markets where direct Nasdaq stock purchases may be restricted for some investors. These global deployments aim to establish a diversified asset base and tap into international cryptocurrency markets, with strategy co-led by Eric Trump, who will travel to Tokyo for a Metaplanet event focused on bitcoin treasury solutions.
Launched in March 2025 by Hut 8 alongside Eric Trump and Donald Trump Jr., American Bitcoin has positioned itself as the “world’s largest, most efficient pure-play bitcoin miner.” The firm’s operational model leverages Hut 8’s existing infrastructure, while focusing on optimizing mining efficiency and treasury accumulation. Hut 8’s shift from direct mining to energy and data center services underscores a broader industry trend toward diversified infrastructure offerings supporting crypto operations.
The listing comes amid U.S. regulatory efforts to support crypto industry growth under President Donald Trump’s administration. Critics have raised questions about potential conflicts of interest given the Trump family’s involvement, but Genoot emphasized American Bitcoin’s commercial focus and independence from government policy. “Our business has nothing to do with government,” he stated, underscoring a commitment to transparency and market-driven strategy.
American Bitcoin’s public market debut via merger is expected to facilitate future capital raises, strategic partnerships, and potential follow-on offerings. The firm is poised to leverage its Nasdaq presence to broaden investor access and solidify its position in the evolving bitcoin mining and treasury sector. Reporting by Summer Zhen in Hong Kong; Additional reporting by Jiaxing Li; Writing by Scott Murdoch; Editing by Edwina Gibbs and Mark Potter..
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