American Bitcoin, a bitcoin mining company backed by Eric Trump and Donald Trump Jr., is moving closer to a major milestone. The firm has locked in support from both crypto and traditional investors for an all-stock merger with Gryphon Digital Mining.
The deal is expected to be completed shortly, paving the way for American Bitcoin to start trading on the Nasdaq under the ticker symbol ABTC in early September. The company’s largest investor, Hut 8, currently holds 80 percent of American Bitcoin and has played a key role in shaping the merger.
Gemini’s co-founders Tyler and Cameron Winklevoss are also on board as investors, joining other anchor shareholders in the listing. The new entity will retain the American Bitcoin name and position itself as a competitive force in the global bitcoin mining sector.
Trump Family and Hut 8 Lead Ownership
Ownership of the merged company is heavily concentrated. Eric Trump, Donald Trump Jr., and Hut 8 together control nearly 98 percent of American Bitcoin. CEO Asher Genoot of Hut 8 explained that the decision to pursue a merger rather than a traditional IPO was based on the financing advantages it provided, along with access to broader capital channels.
American Bitcoin was launched earlier this year by Hut 8 in partnership with the Trump brothers. The company has set an ambitious goal of becoming the world’s largest and most efficient pure-play bitcoin miner. Hut 8, once focused mainly on mining, has shifted its strategy toward energy infrastructure and data centers. It plans to lease these facilities to American Bitcoin as part of their operational model.
The involvement of the Trump family has been criticized for possible conflicts of interest since President Trump advocates for policies favorable to the crypto sector. Nevertheless, American Bitcoin executives maintain the operations of the company are free from government interference. Eric Trump is only noted to handle strategic initiatives such as developing sites anew, treasury strategies, and mining operations.
Expansion Plans Reach Asia
Moving focus beyond the U.S., American Bitcoin is scoutng Asian expansion opportunities already. Eric Trump was busy in Hong Kong in recent weeks. He is bound for a Tokyo trip for an event hosted by Metaplanet, a Japanese bitcoin treasury firm.
Genoot emphasized that its plan for the company is balancing bitcoin mining equally with direct acquisitions. Such a plan is inclusive in allowing flexibility depending on demand in the marketplace. American Bitcoin can invest in foreign companies in an attempt at diversifying its presence. Such a plan is equally trying to provide Asian investors with exposure to publicly traded bitcoin assets.
