American Bitcoin, Linked to Trumps, to List on Nasdaq

Hut 8’s subsidiary, American Bitcoin, is set to go public through a merger with Nasdaq-listed mining firm Gryphon Digital Mining.

A new chapter begins.

Read the full release for important information: https://t.co/wAjHvV7kUD pic.twitter.com/hHrgGbCRsh

— American Bitcoin (@AmericanBTC) May 12, 2025

The share exchange deal is expected to close in the third quarter of 2025, pending shareholder and regulatory approval.

The combined entity will operate under the American Bitcoin brand (ticker ABTC). Hut 8’s subsidiary will retain its board of directors and management team, which includes Eric Trump, son of the U.S. President Donald Trump. Shareholders of the company will hold a 98% stake in the new structure.

“Listing American Bitcoin on the exchange is a significant step towards scaling the business at the pace and scale we envision,” said Hut 8 CEO Asher Genut.

According to a press release, the parent company will continue to serve as the “exclusive infrastructure and operational partner” for American Bitcoin.

On March 31, Hut 8 announced the creation of a subsidiary focused on bitcoin mining.

Previously, the firm acquired an 80% stake in American Data Centers, in exchange for nearly its entire fleet of miners, from a group of investors led by Eric Trump and Donald Trump Jr. The venture was relaunched as American Bitcoin.

In April, the company announced its intention to go public, without disclosing details. Eric Trump, who assumed the role of Chief Strategy Officer, stated at the time:

“We are going to become the greatest bitcoin mining company in the world, and we are doing it here in America.”

He assured that he does not work with the White House and “practically” does not communicate with his father.

Based in Canada, Hut 8 is listed on the Toronto Stock Exchange and Nasdaq. In 2023, the firm relocated to the U.S. following the acquisition of US Bitcoin.

Genut, in anticipation of American Bitcoin achieving public company status, suggested viewing the two firms as “sister companies.” One will focus on “energy and data center infrastructure,” while the other will concentrate on “bitcoin, ASIC, and crypto reserve.”

According to BitcoinTreasuries, Hut 8 holds 10,237 BTC valued at $1.07 billion at the time of writing.

Back in January 2025, the family of the current president consolidated control over the DeFi platform World Liberty Financial, according to Reuters.

Launched in September before the U.S. presidential elections, the project raised $590 million through token sales. The majority of the funds were secured after Trump’s election.