American Bitcoin, a US-based bitcoin mining firm, is preparing to debut on the Nasdaq through an all-stock merger with Gryphon Digital Mining. The company, which counts President Donald Trump’s sons Eric Trump and Donald Trump Jr among its key backers, is expected to begin trading in early September.
Asher Genoot, CEO of Hut 8—the Canadian firm that holds an 80% stake in American Bitcoin—told Reuters that the merger is nearing completion and that anchor investors for the combined entity have already been secured. Once finalised, the company will continue under the name American Bitcoin and will trade with the ticker symbol ABTC.
Following the merger, Hut 8 along with Eric and Donald Trump Jr. will collectively own about 98% of the newly formed entity. Genoot explained that opting for a merger, rather than a traditional IPO, provided a more flexible route to capital access through an existing listed company.
Eric Trump, who has been actively involved in the venture, is currently in Hong Kong and is expected to attend a bitcoin-related event in Tokyo this weekend hosted by Japanese treasury firm Metaplanet. According to the Financial Times, American Bitcoin is exploring acquisitions of digital assets in Hong Kong and Japan as part of its global expansion strategy.
The merger also marks a pivot for Hut 8, which has shifted its focus away from pure crypto mining to energy infrastructure and data centers, a transition Genoot said was influenced by the launch of American Bitcoin with the Trump brothers.
Bitcoin’s record-breaking price rally this year has further fueled optimism. Much of the surge is being attributed to growing investor confidence tied to President Trump’s newly adopted pro-crypto stance. Once a sceptic of digital assets, Trump embraced the industry during his 2024 campaign, drawing heavily on crypto sector support in his successful bid against former Vice President Kamala Harris.
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