Trump-backed Bitcoin mining firm to go public on Nasdaq next month
American Bitcoin, the mining company partly owned by Donald Trump Jr. and Eric Trump, is preparing to go public on the Nasdaq in September, Reuters reported on Aug. 28.
The firm, launched in March, is 80% owned by Toronto-based Hut 8, one of North America’s largest crypto miners.
The Trump brothers collectively own the remaining 20%, tying the venture to one of the most high-profile political families in the U.S.
Merger clears path to listing
To enable its debut, American Bitcoin is finalizing a merger with Gryphon Digital Mining.
The deal is expected to leave current shareholders with about 98% of the combined company, providing continuity as the firm enters public markets.
American Bitcoin raised $220 million from accredited investors earlier this year, along with $10 million worth of Bitcoin contributed directly to its treasury, to expand operations and strengthen reserves.
The funding round was aimed at scaling both its mining capacity and its ability to accumulate Bitcoin as a strategic reserve.
Expanding reach and political ties
Hut 8 CEO Asher Genoot, speaking at the Bitcoin Asia conference in Hong Kong, said the company may pursue international investments to broaden access for investors who cannot directly hold Nasdaq-listed shares.
Such partnerships could allow exposure to Bitcoin-linked securities through regulated entities in other markets, where directly accessing crypto remains challenging.
The move comes as the Trump family deepens its ties to the crypto sector. Trump Media and Technology Group, associated with President Donald Trump, recently announced plans to issue crypto ETFs and launch a joint venture with Crypto.com that would also go public through a special purpose acquisition vehicle.
For Hut 8, the Nasdaq listing represents another lever to establish itself as a dominant mining firm as competition rises and energy costs remain volatile.
Meanwhile, for the Trump brothers, the deal provides a foothold in the digital asset economy at a moment when Bitcoin adoption and political debate over crypto are both intensifying.
Based on CryptoSlate data, Bitcoin was trading at around $112,500 as of press time.
The post Trump-backed Bitcoin mining firm to go public on Nasdaq next month appeared first on CryptoSlate.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Apple (AAPL.US) launches wall-mounted hub HomeView to enter the smart home market; analysts: may generate new income for the services segment
Apple launches a wall-mounted hub to enter the smart home market. Analysts say it may bring new revenue to the services segment, and a paid Siri AI is on the horizon.
U.S. IPO Preview｜Primagrove: Soaring Performance with a 17-Fold Increase, but the $17,000 Cash Pool Raises Concerns
From software outsourcing to integrated software and hardware.
60% of stocks have fallen into a bear market, the seven tech giants are holding up the S&P alone! BTIG: US stocks may be just a "gentle push" away from collapsing
The S&P 500 is just one step away from its all-time high, but under the surface, turbulence is brewing: 60% of its components have already entered a technical bear market, and only 30% have outperformed the index, the lowest since 1991. All of this is being supported solely by the seven major tech giants—which is, in fact, the biggest risk. With crowded positions and the semiconductor sector mirroring the path of the 2000 bubble burst, an accelerated decline could be triggered during the upcoming earnings season at the end of the month. When the market is standing on just one final leg, it doesn't take much force to topple it.
Earnings Season Underlying Currents: ASML (ASML.US) Leads with $34.8 Billion Market Value Fluctuation
Before Wednesday’s market open, seven major companies are expected to report earnings, with anticipated volatility. ASML tops the list with a potential volatility of $34.8 billion, followed by Bank of America, Morgan Stanley, and others. The options market has already priced in the risks in advance.
Crypto prices
More
