Trump Family-backed American Bitcoin is preparing for a Nasdaq debut and expects to be mentioned by September as soon as the merger with GryPhon Digital Mining is completed.
Summary
- American Bitcoin expects to be mentioned on Nasdaq by September.
- The new entity will act under the Ticker ABTC after his merger with GryPhon Digital Mining.
- Hut 8 has the majority stake in the company, followed by Eric Trump and Donald Trump Jr.
American Bitcoin was founded after Hut 8, an old player in the Bitcoin mining sector, collaborated with the sons of US President Donald Trump, Eric Trump and Donald Trump Jr. To only spin a new company that was exclusively aimed at the accumulation of mining and treasure chest.
The company was founded in March of this year, after Hut 8 had assigned part of the mining infrastructure to the newly beaten entity while retaining an interest of 80%, while the Trump Brothers owns 18% of the company.
Speaking with Reuters Hut has enjoyed 8 CEO Asher confirmed That the company is approaching in its Nasdaq debut, where it will act under the Ticker ABTC.
To streamline its Nasdaq listing, the Bitcoin mini worker has opted for a merger for all shares with GryPhon digital mining instead of pursuing a traditional IPO.
Taking this route saves the company the hassle of navigating the long regulation assessment and the insurance process linked to a first public offer.
“Instead of going public directly via IPO via IPO, we thought there were many more benefits for financing if we had an existing company that already had access to different financing,” said.
The merger agreement for stock-on-to-after-c Condition, announced earlier this year, offers American Bitcoin a faster and more cost-efficient road to become a listed company, while new financing channels are opened.
Although GryPhon is technically the acquiring party, shareholders of the American Bitcoin will have 98% of the shares of the new company, while the shareholders of GryPhon will only hold 2% after the merger.
Not just a treasury strategy
American Bitcoin has positioned itself as both a miner and a Bitcoin Treasury vehicle, and hopes to become the world’s largest, most efficient Pure-Play Bitcoin-Mijnwerker. ”
Instead of just relying on newly mined coins, the company has also filled its balance with direct Bitcoin purchases. From August 29, the company owns 1941 BTC according to data from BitcoinTreasuries, with the stock value at around $ 214 million based on current prices.
“Instead of just a treasury strategy in which companies collect money to buy Bitcoin or just a mining company … we ebb and flows between whom people are the best return at different times,” explained.
Moreover, enjoyed that civil servants are already expanding the global footprint of the American bitcoin, and the company is actively investigating investment opportunities in Japan and Hong Kong.
While planning international growth, the company will continue to lean at home on the infrastructure of Hut 8 at home. Hut 8 will lease his data centers in North America on the American Bitcoin, giving the new company a ready-made operational backbone without having to rebuild facilities.
