American Bitcoin, supported by the sons of former US President Donald Trump, is preparing to begin trading on the Nasdaq. The merger with Gryphon Digital Mining is a key step in this strategy.
Nasdaq Trading and Merger
American Bitcoin plans to start trading on Nasdaq in early September, completing a merger with Gryphon Digital Mining. Hut 8's CEO, which owns 80% of American Bitcoin, confirmed that the merger will finalize soon, paving the way for trading on Nasdaq.
Control and Strategic Advantages
After the merger, Eric Trump, Donald Trump Jr., and Hut 8 will retain significant control, owning 98% of American Bitcoin. Genoot stated, 'Instead of going public directly via IPO, we thought that there were a lot more advantages to financing if we had an existing company that already had access to different financing.'
Expansion into Asian Market
American Bitcoin plans to expand its presence in Asia, particularly in Hong Kong and Japan. Additionally, the company has secured a strategic partnership with Bitmain, leading to the purchase of 16,299 Antminer units for $314 million, significantly boosting its BTC mining capacity.
Thus, American Bitcoin is gearing up for a successful Nasdaq trading launch next month while simultaneously expanding its reach into the Asian region.
