American Bitcoin, a mining firm backed by the sons of President Donald Trump, is preparing to list on Nasdaq in September after merging with Gryphon Digital Mining.
Merger of American Bitcoin and Gryphon Digital Mining
American Bitcoin is set to go public on Nasdaq after securing support from both crypto and traditional investors. The merger with Gryphon Digital Mining is expected to be finalized pending shareholder approval. Asher Genoot, CEO of Hut 8, American Bitcoin’s largest shareholder, stated that the goal of the merger is to start trading in early September.
International Expansion Plans
If the merger is completed, Eric and Donald Trump, along with Hut 8, will own 98% of the new entity, which will retain the name American Bitcoin and trade under the ticker 'ABTC.' Genoot indicated that the company is considering expanding internationally by acquiring stakes in companies outside the U.S. to provide access to publicly listed Bitcoin companies.
Criticism of Trump Family's Crypto Ventures
The Trump family is involved in several crypto ventures, drawing criticism from U.S. lawmakers. Senator Elizabeth Warren highlighted the need for strong regulation in the crypto industry, pointing to potential conflicts of interest related to the President's policy influence for financial gain.
American Bitcoin is on track for its market debut, with the merger with Gryphon Digital Mining promising significant structural shifts and international expansion, despite facing criticism from lawmakers.
