The company plans global expansion, eyeing crypto assets in Hong Kong and Japan to broaden access.
American Bitcoin, the mining company backed by President Donald Trump’s sons, is gearing up for a major Wall Street debut. The firm will go public through an all-stock merger with Gryphon Digital Mining and is expected to begin trading on Nasdaq in early September under the ticker ABTC.
Yet again, we see politics, power, and Bitcoin coming together. Here are the deets.
Eric Trump, Donald Trump Jr., and Canadian mining firm Hut 8 will control a massive 98% stake in the new company, with Hut 8 alone holding 80%.
Instead of choosing the IPO route, American Bitcoin opted for a merger.
Hut 8 CEO Asher Genoot explained the move, saying, “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.”
That choice gives American Bitcoin faster access to capital and a ready-made platform to scale.
The company isn’t limiting itself to American markets. It’s already looking at buying crypto assets in Hong Kong and Japan, with an eye on treasury firms like Metaplanet.
The goal is to make Bitcoin investment accessible globally, especially in places where buying U.S.-listed stocks isn’t possible.
The Trump Factor
This move follows a major policy shift earlier this year, when the White House ordered all government-owned digital assets to be placed in a U.S. Strategic Bitcoin Reserve.
Analysts say hype around the listing could trigger a 10-20% price bump for Bitcoin, especially with retail and institutional investors piling in. Institutional adoption is already growing, with giants like Strategy holding 632,457 BTC. The crypto treasury boom is now worth more than $100 billion.
Still, centralization is a concern. A Trump-backed monopoly could sit uneasily with Bitcoin’s decentralized ethos.
Not everyone will be cheering. Senator Elizabeth Warren has been one of the most vocal critics, accusing Trump of “using the presidency to enrich himself through crypto, and he’s doing it in plain sight.”
Warren has been pushing back against what she calls a financial system rigged against everyday Americans. Now, she argues, Trump is weaponizing crypto to further tilt the system in favor of billionaires and political elites.
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