American Bitcoin, Backed by Trump’s Sons, Aims to Begin Trading in September

Updated At : 15:38 PM Aug 28, 2025 IST

American Bitcoin, a bitcoin mining firm backed by former U.S. President Donald Trump’s sons, has approved a full-stock merger with crypto and traditional investors, paving the way for its debut on Nasdaq, the company’s largest investor said.

According to Hut 8 (HUT.O) CEO Asher Genoot, the privately held company’s merger with Gryphon Digital Mining (GRYP.O) is close to completion, with a target to begin trading in early September. Hut 8 holds an 80% stake in American Bitcoin.

He added that anchor shareholders for the listing have already been finalized.

The newly formed entity will retain the name American Bitcoin and trade under the ticker symbol ABTC. Its ownership will be concentrated among co-founder Eric Trump, his brother Donald Trump Jr., and Hut 8, who together will control 98% of the company.

Speaking to Reuters on the sidelines of the Crypto Asia conference in Hong Kong, Genoot explained, “Rather than going public directly through an IPO, we saw greater advantages in merging with an existing company that already has access to diverse financing options.”

He noted that Eric Trump is also in Hong Kong and will travel to Tokyo over the weekend to attend an event hosted by Japanese bitcoin treasury firm Metaplanet.

The Financial Times reported two weeks ago that American Bitcoin is seeking crypto asset opportunities in Hong Kong and Japan as part of its global expansion strategy.

Genoot added that American Bitcoin may acquire stakes in companies outside the U.S. to broaden public access to bitcoin-linked assets, given restrictions that prevent some investors from purchasing Nasdaq-listed shares. “It’s still very early, so we haven’t committed to anything,” he said.

He further noted that while Hut 8 began as a crypto miner, it has shifted its focus toward energy infrastructure and data centers since launching American Bitcoin with Trump’s sons.