American Bitcoin, a Bitcoin mining firm backed by Eric Trump and Donald Trump Jr., is preparing to launch its trading operations on the Nasdaq in early September under the ticker symbol ABTC. This move follows an all-stock merger with Gryphon Digital Mining. Hut 8, a Canadian firm holding an 80% stake in American Bitcoin, along with the Trump brothers, will collectively own approximately 98% of the newly formed entity.
Asher Genoot, CEO of Hut 8, stated that choosing a merger over a traditional IPO provides a more flexible route to capital access through an existing listed company. Anchor investors have already been secured for the combined entity.
American Bitcoin was launched in March 2025 by Hut 8 in partnership with Eric Trump and Donald Trump Jr., with the aim of becoming one of the world's largest and most efficient Bitcoin mining companies. The company intends to accumulate cryptocurrency through both mining and strategic acquisitions. Eric Trump is actively involved in the venture, focusing on strategy related to Bitcoin mining, new site development, and treasury strategy. He recently attended a Bitcoin-related event in Tokyo hosted by Metaplanet, a Japanese Bitcoin treasury firm, as part of American Bitcoin's Asia expansion plans. The company is also exploring potential digital asset acquisitions in Hong Kong and Japan.
This merger marks a shift for Hut 8, which is moving away from pure crypto mining to focus on energy infrastructure and data centers, influenced by the launch of American Bitcoin with the Trump sons. Hut 8 will lease data centers to American Bitcoin.
The launch coincides with a surge in Bitcoin's price, fueled by growing investor confidence linked to President Trump's pro-crypto stance adopted during his successful 2024 campaign.
Some critics have raised concerns about potential conflicts of interest due to President Trump's promotion of the crypto industry while his family is involved in the sector. The White House has dismissed these allegations.
