Trump-Backed American Bitcoin (ABTC) Goes Public on Nasdaq

American Bitcoin, a recently launched Bitcoin-focused company backed by Eric Trump and Donald Trump Jr., has officially started trading on the Nasdaq stock exchange under the ticker symbol ABTC.

The debut follows a stock-for-stock merger with Gryphon Digital Mining, a U.S.-based Bitcoin mining firm. Following the deal, the Trump brothers and the Bitcoin miner Hut 8 now control the vast majority of the new company. Recall that American Bitcoin is “a majority-owned subsidiary” of Hut 8. Gryphon shareholders retain a small stake in the merged entity.

Asher Genoot, Executive Chairman of American Bitcoin and CEO of Hut 8, described the public listing as a milestone for both the company and the Bitcoin industry. He emphasized that the new entity is designed to maximize Bitcoin per share by combining mining with carefully timed market purchases.

Despite the milestone, Hut 8’s stock, HUT, saw a mild 1% drop at the time of writing. It sold for $27.08.

Combining BTC Mining and Acquisitions

American Bitcoin’s business model focuses on two key strategies. They involve operating a Bitcoin mining operation and buying BTC directly from the market when conditions are favorable. This approach is designed to give the company a cost advantage over funds or investment vehicles that only rely on market purchases.

The company also benefits from its close relationship with Hut 8. The parent company provides access to advanced mining equipment and large-scale data center infrastructure. This allows American Bitcoin to expand more efficiently without the heavy costs of building facilities from scratch.

Already, American Bitcoin has started accumulating BTC and operating its mining equipment. In July, the firm announced that it had raised $220 million through a private stock placement. According to the announcement, the funds were used to establish Bitcoin mining rigs.

In June, the Trump-backed company made one of its first purchases towards building a Bitcoin treasury. It spent $23 million to accumulate over 215 BTC.

With backing from the Trump family, American Bitcoin aims to become a major player in the U.S. Bitcoin economy.

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