In brief
- American Bitcoin is reportedly eyeing a Nasdaq debut in September.
- The firm is 80% owned by Bitcoin miner Hut 8.
- American Bitcoin owned 215 Bitcoin in June.
American Bitcoin, a Bitcoin miner that’s partially owned by two of U.S. President Donald Trump’s sons, is inching closer to its public debut, targeting September for a listing on the Nasdaq, according to Asher Genoot, CEO of Bitcoin miner Hut 8.
American Bitcoin’s merger with Gryphon Digital Mining is nearly completed, he told Reuters. Hut 8 owns 80% of American Bitcoin, while Eric Trump and his brother Donald Trump Jr. are expected to own 19% of the company that was unveiled in March.
The firm is striving to become one of the country’s largest Bitcoin miners, scaling up operations as the president pushes forward with his crypto-friendly regime. The stock is expected to trade under the ticker symbol ABTC.
Hut 8’s stock price rose 0.6% on Thursday to $26.51, according to Yahoo Finance. Year-to-date, the Miami-based firm’s share price has increased 29% from $21.10 in January.
Earlier this month, Genoot said during Hut 8’s second-quarter earnings broadcast that Gemini founders and Bitcoin billionaires Tyler and Cameron Winklevoss have invested in American Bitcoin. They decided to invest in the company with Bitcoin instead of cash, Genoot said.
Decrypt has reached out to Hut 8 and Gemini for comment.
Although American Bitcoin is expected to mine Bitcoin, it has also padded its balance sheet with Bitcoin purchases, according to filings with the U.S. Securities and Exchange Commission. The company has accumulated 215 Bitcoin, the firm signaled in June.
Bitcoin changed hands around $112,000 on Thursday, according to crypto data provider CoinGecko. That means that American Bitcoin’s stash would be worth around $24 million.
If it became a public company today, American Bitcoin would be the 30th largest publicly traded Bitcoin holder in the U.S., according to Bitcoin Treasuries. Hut 8 owns 10,667 Bitcoin worth $1.2 billion. The firm has held Bitcoin on its balance sheet since 2017.
Hut 8 raised $220 million last month to purchase Bitcoin and mining infrastructure, alongside its expansion into Dubai. The firm already has offices in Texas, New York, and Alberta, Canada.