tl;dr
**Trump’s Bitcoin Play: American Bitcoin Eyes Nasdaq Debut**
The crypto world is buzzing with news of American Bitcoin, a mining company with ties to the Trump family, inching closer to its long-awaited public debut. Targeting a September listing on the Nasdaq under the ticker symbol ABTC, the fi...
**Trump’s Bitcoin Play: American Bitcoin Eyes Nasdaq Debut**
The crypto world is buzzing with news of American Bitcoin, a mining company with ties to the Trump family, inching closer to its long-awaited public debut. Targeting a September listing on the Nasdaq under the ticker symbol ABTC, the firm is poised to become one of the U.S.’s largest Bitcoin miners, capitalizing on the Trump administration’s crypto-friendly policies.
The merger with Gryphon Digital Mining is nearly complete, according to Hut 8 CEO Asher Genoot, who revealed the progress to Reuters. Hut 8, a major player in the crypto space, owns 80% of American Bitcoin, while Eric Trump and his brother Donald Trump Jr. are expected to hold 19% of the newly formed entity. The company, unveiled in March, has already begun scaling operations, aligning with the president’s push to position the U.S. as a global crypto hub.
Hut 8’s stock has been on a roll, rising 0.6% to $26.51 on Thursday, marking a 29% increase year-to-date from $21.10 in January. This momentum isn’t just a reflection of Hut 8’s own growth but also the broader optimism surrounding American Bitcoin’s potential. The firm’s balance sheet is already fortified with Bitcoin holdings, including 215 BTC, valued at around $24 million as of Thursday’s $112,000 price per coin.
The Trump family’s involvement has drawn particular attention, though the company’s strategy extends beyond its ownership structure. Earlier this month, Genoot highlighted that Gemini co-founders Tyler and Cameron Winklevoss, known as the “Bitcoin billionaires,” have invested in American Bitcoin using Bitcoin itself rather than cash. Their participation signals confidence in the firm’s long-term vision.
If American Bitcoin goes public, it would immediately rank as the 30th largest publicly traded Bitcoin holder in the U.S., according to Bitcoin Treasuries. Hut 8, which has held Bitcoin since 2017, currently owns 10,667 BTC worth $1.2 billion—a testament to its early bet on the cryptocurrency.
The company’s ambitions don’t stop at mining. Hut 8 recently raised $220 million to expand its Bitcoin operations and invest in mining infrastructure, with plans to extend its reach into Dubai. The firm already operates offices in Texas, New York, and Alberta, Canada, signaling its commitment to a global footprint.
As the crypto market continues to evolve, American Bitcoin’s public debut could mark a pivotal moment for both the Trump family and the broader industry. With the Nasdaq’s spotlight, the company will face scrutiny—and opportunities—to prove its mettle.
But here’s the question: Will the Trump connection be a boon or a burden for American Bitcoin’s journey? The answer may lie in how well the company navigates the volatile crypto landscape and delivers on its promises.