Trump-Backed American Bitcoin Plans Nasdaq Listing for September
American Bitcoin, a bitcoin miner 20% owned by Donald Trump's sons, plans to list on Nasdaq in September. The company is finalizing a merger with Gryphon Digital Mining, which will enable the public debut. Existing shareholders are expected to retain approximately 98% ownership of the combined entity.
- American Bitcoin launched in March, focusing on building bitcoin reserves through mining and direct purchases.
- The firm raised $220 million from accredited investors and received $10 million in bitcoin to expand infrastructure before going public.
- CEO Asher Genoot indicated potential investments in international businesses for broader access to bitcoin-linked securities.
- The listing aims to attract institutional investors amid increasing competition and fluctuating energy costs.
- This move supports Hut 8's strategy to solidify its position as a leading North American mining company.
Hut 8 shares recently traded at $26.5, up 0.6%.