American Bitcoin, Bitcoin Miner 20% owned by two of President Donald Trump’s sons is planning to list on Nasdaq in September, said Asher Genoot, CEO of HUT 8, who owns the other 80%.
The company ends a merger with Gryphon Digital Mining, which will clear the way for its public debut, reported Reuters. When the existing shareholders are completed, it is expected to maintain ownership of approx. 98% of the total company.
American Bitcoin launched in March with a strategy to build Bitcoin reserves both by the mining asset and buying it directly for its balance. The involvement of Donald Trump Jr. And Eric Trump ties the business to one of the most prominent political families in the United States.
Message comes days after another Trump-Confused Company, Trump Media and Technology Group (DJT) said it was planning to form a joint venture with crypto.com that will publish by combining with a special acquisition of acquisition (SPAC).
American Bitcoin recently raised $ 220 million from accredited investors along with $ 10 million worth of Bitcoin contributed instead of cash. The capital was intended to expand its infrastructure and strengthen its treasury as it moves towards life as a listed company.
Genoot, who spoke at the Bitcoin Asia Conference in Hong Kong, said the miner can also take efforts in companies outside the United States to expand access to Bitcoin-bound securities. Some investors are unable to buy nasdaq-listed shares directly, and Genoot suggested that foreign partnerships could provide a path to exposure through regulated devices.
For American Bitcoin, the planned listing represents an effort for the public markets to remain hungry after direct exposure to cryptomin workers, even when competition is intensified and energy costs fluctuate. A September debut would place the company among a small cohort of miners pursuing lists as a way of drawing institutional investors.
The move also offers Toronto-based Hut 8 another handle in his push to establish itself as a leading North American mining company, while the Trump Brothers is a foothold in a company tied directly to the growth of Bitcoin.
Shares in HUT 8 recently traded 0.6% higher at $ 26.5.
