American Bitcoin Plans to Launch on Nasdaq in September: Reuters

American Bitcoin, a Bitcoin mining firm partially owned by two sons of former U.S. President Donald Trump, is nearing its public offering, with a Nasdaq listing targeted for September, according to CEO Asher Genoot of Hut 8.

Genoot stated that the merger between American Bitcoin and Gryphon Digital Mining is almost finalized, as reported by Reuters. Hut 8 owns 80% of American Bitcoin, while Eric Trump and Donald Trump Jr. are anticipated to hold 19% of the company, which was announced in March.

The company aims to position itself as one of the leading Bitcoin miners in the U.S., expanding its operations as the administration continues to advocate for a crypto-friendly approach. The stock is projected to trade under the symbol ABTC.

On Thursday, Hut 8’s stock price increased by 0.6% to $26.51, as noted by Yahoo Finance. Year-to-date, shares for the Miami-based company have risen 29%, up from $21.10 in January.

Earlier this month, Genoot revealed during Hut 8’s second-quarter earnings call that Tyler and Cameron Winklevoss, founders of Gemini and Bitcoin billionaires, have invested in American Bitcoin with Bitcoin instead of cash, as stated by Genoot.

Decrypt has reached out to both Hut 8 and Gemini for their comments.

While American Bitcoin is set to mine Bitcoin, it has also strengthened its balance sheet through Bitcoin acquisitions, based on filings with the U.S. Securities and Exchange Commission. The company reported owning 215 Bitcoin in June.

On Thursday, Bitcoin traded at approximately $112,000, according to data from CoinGecko. This implies that American Bitcoin’s holdings could be valued at around $24 million.

If it were to go public today, American Bitcoin would rank as the 30th largest publicly traded Bitcoin holder in the U.S., as reported by Bitcoin Treasuries. Hut 8 owns 10,667 Bitcoin, valued at $1.2 billion, having held Bitcoin since 2017.

Hut 8 secured $220 million last month to acquire Bitcoin and enhance its mining infrastructure, in addition to expanding into Dubai. The company already has locations in Texas, New York, and Alberta, Canada.