Trump-backed mining company American Bitcoin is set to go public on the Nasdaq today. This follows a merger with Gryphon Digital Mining, which the company completed last week.
American Bitcoin To List On The Nasdaq Today
According to a WSJ report, the Bitcoin mining and accumulation business, which Donald Trump’s two eldest sons co-founded, will list its shares on the Nasdaq today under the ticker ‘ABTC.’ Eric and Donald Trump Jr., Bitcoin miner Hut 8, and other shareholders will own about 98% of the company.
This follows a merger with Gryphon Digital Mining, which the company’s shareholders approved last week during a special meeting. Investors in Gryphon’s stock, ‘GRYP,’ will hold the remaining 2% of the shares in American Bitcoin.
The Trump brothers had first formed the company through a merger with Hut 8 back in March earlier this year. Hut 8 had swapped its bitcoin mining division in exchange for an 80% ownership stake.
American Bitcoin had, in June, raised $220 million in cash and Bitcoin from investors, including the Winklevoss twins, Cameron and Tyler. The company used the proceeds to acquire more BTC and mining equipment.
Plans To Become The Greatest BTC Treasury Company
Commenting on this development, Eric Trump told WSJ that they have become the “obvious name in crypto.” He added that his company will be the greatest treasury company. Meanwhile, in an X post, he remarked that he had put a “tremendous amount of love and work” into the company over the past 12 months.
Notably, American Bitcoin currently holds almost 2,443 BTC on its balance sheet as it looks to adopt Michael Saylor Strategy’s Bitcoin treasury model. Eric Trump had previously stated that they want to eventually become the largest Bitcoin holder, surpassing Strategy and other top holders.
BitcoinTreasuries data shows that the Bitcoin miner currently ranks as the 25th largest public Bitcoin holder, just above the Smerter Web Company and behind Sequans Communications. Strategy is the largest public holder with 636,505 BTC.
Expansion Into Several Spheres Of Crypto
Meanwhile, this development comes just two days after the Trump family flagship crypto venture, World Liberty Financial, made its WLFI token tradeable. Thanks to that, the president’s family amassed as much as $5 billion in paper wealth.
The Trump family continues to expand its crypto business. Besides American Bitcoin and the DeFi project WLFI, the U.S. president has his own meme coin, TRUMP coin, while World Liberty Financial issues the USD1 stablecoin.
Donald Trump Jr. had previously revealed that his family got into crypto because they were debanked. He noted how decentralization in the crypto space ensures everyone has access to financial services.
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Source: https://coingape.com/trump-backed-btc-miner-american-bitcoin-debuts-on-nasdaq/
