From Reuters

American Bitcoin, the bitcoin miner backed by two of President Donald Trump’s sons, has locked in crypto and traditional investors to back an all-stock merger that will allow the firm to soon start trading on the Nasdaq, the company’s largest investor said.

The unlisted firm’s merger with Gryphon Digital Mining is set to be finalized shortly, and the goal is to start trading in early September, according to Asher Genoot, the CEO of Hut 8, which holds 80% of American Bitcoin.

Anchor shareholders in the listing have been finalized, he said, including crypto exchange Gemini’s co-founders Tyler and Cameron Winklevoss.

Gemini did not immediately respond to Reuters’ requests for comment.

American Bitcoin’s co-founder, Eric Trump, his brother Donald Trump Jr. and Hut 8 will own a combined 98% of the newly formed entity, which will retain the name American Bitcoin and trade under the stock code ABTC.

“Instead of going public directly via IPO, we thought that there was a lot more advantages to financing if we had an existing company that already had access to different financing too,” Genoot told Reuters at the Bitcoin Asia conference in Hong Kong.

Genoot said American Bitcoin could take stakes in companies outside the United States to give people access to publicly listed bitcoin assets, as some investors were prevented from buying Nasdaq-listed stocks.

“Right now it’s very early. So we haven’t been committed to anything,” he said.

Launched in March 2025, the creation of the firm comes as the Trump administration accelerates crypto-related legislation to support the growth of the industry.

Genoot said the new firm would accumulate the cryptocurrency through both mining and buying, and Hut 8 will lease data centers to American Bitcoin.

President Donald Trump’s critics have accused him of conflicts of interest in promoting the crypto industry at a time when his family is involved in the sector, allegations that the White House has brushed aside.

Genoot said American Bitcoin’s business had nothing to do with government, and Eric Trump was mainly involved in strategy, such as in relation to bitcoin mining, new site development and treasury strategy.

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