American Bitcoin, a cryptocurrency mining company founded in March, plans to go public on the Nasdaq in September.
The company is 80% owned by Canada’s Hut 8 (NASDAQ:HUT), while Donald Trump Jr. and Eric Trump hold the remaining 20%, linking the business to one of the most influential political families in the US.
American Bitcoin is completing a merger with Gryphon Digital Mining. Following the transaction, current shareholders are expected to retain approximately 98% of the combined company’s equity, ensuring continuity during its public market launch.
The mining company recently raised $220 million from accredited investors and received $10 million in bitcoin (COIN:BTCUSD) to bolster its cash position. The funds were allocated to expanding infrastructure and accumulating reserves.
During the Bitcoin Asia conference in Hong Kong, Hut 8 CEO Asher Genoot commented that the company may consider acquisitions outside the US to allow foreign investors access to bitcoin-linked securities in regulated markets, even without directly trading shares listed in New York.
The announcement revealed yet another connection between the Trumps and the crypto sector. Recently, Trump Media and Technology Group (NASDAQ:DJT), linked to US President Donald Trump, announced plans to form a joint venture with Crypto.com, and in another case, to explore issuing cryptocurrency ETFs.
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