American Bitcoin, a bitcoin-mining startup founded by Donald Trump Jr. and Eric Trump, has secured investors for an all-stock merger with Gryphon Digital Mining that will take the business public on Nasdaq in early September, according to Reuters. The combined company will keep the American Bitcoin name and trade under the ticker ABTC.
After the transaction closes, the Trump brothers and Canadian crypto infrastructure firm Hut 8 will own about 98 percent of the new entity, with Hut 8 alone holding roughly 80 percent, Hut 8 chief executive Asher Genoot said. Anchor shareholders for the listing have already been finalised.
American Bitcoin says it aims to become the United States’ largest bitcoin miner and is exploring potential stakes in digital-asset firms in Hong Kong and Japan to broaden its footprint. The listing route via merger, rather than a traditional IPO, is intended to give the company faster access to capital markets, Genoot added.
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Source: https://thedefiant.io/news/blockchains/trump-sons-backed-american-bitcoin-plans-september-nasdaq-debut-via-gryphon-66d240e2
