American Bitcoin, a cryptocurrency mining company backed by the sons of former U.S. President Donald Trump, is preparing to debut on Wall Street through a merger with Gryphon Digital Mining. Trading on Nasdaq is expected to begin in early September under the ticker ABTC.
Deal and Its Details
The new company will be controlled by Eric Trump, Donald Trump Jr., and Canadian mining firm Hut 8, which will hold an 80% stake. Instead of pursuing a traditional IPO, American Bitcoin opted for a merger. Hut 8 CEO Asher Genoot explained, “We thought that there was a lot more advantages to financing if we had an existing company that already had access to different financing too.”
Expansion Plans Beyond the U.S.
American Bitcoin is not limiting itself to the U.S. market; it is already looking to acquire crypto assets in Hong Kong and Japan, focusing on treasury firms like Metaplanet. The aim is to make Bitcoin investment accessible globally, especially in regions where purchasing U.S.-listed stocks may be difficult.
Criticism and Concerns
Not everyone supports these developments. Senator Elizabeth Warren has been vocal in her criticism, accusing Trump of “using the presidency to enrich himself through crypto, and he’s doing it in plain sight.” She is advocating against a financial system she views as rigged against ordinary Americans.
American Bitcoin's Nasdaq debut will be closely monitored by the market. For some, it signifies greater crypto adoption on Wall Street; for others, it raises alarms about potential political influence in the industry.
