American Bitcoin Goes Public: A New Chapter in Crypto Mining
American Bitcoin Mining Company Tied to Trump Preparing for Public Offering
In an exciting turn of events, American Bitcoin, a majority-owned subsidiary of Hut 8 with ties to Eric Trump, is set to make a splash in the crypto world by merging with Gryphon Digital Mining and going public.
This 100% stock-for-stock merger, due to close as early as Q3, will see American Bitcoin stockholders owning approximately 98% of the merged company. Asher Genoot, Hut 8 CEO, shared his enthusiasm, stating, "This transaction marks the next step in scaling American Bitcoin as a purpose-built vehicle for low-cost Bitcoin accumulation at scale."
The merged company will operate under the American Bitcoin brand, relying on Hut 8 for infrastructure and operations as it strives to become "America's Bitcoin infrastructure backbone." The objectives of this endeavor are threefold: efficient Bitcoin mining, leading the Bitcoin ecosystem, and building a Bitcoin reserve.
Eric Trump, son of President Donald Trump, will serve as co-founder and chief strategy officer, with Genoot joining the board. In a tweet, Eric Trump expressed his pride in the project and the talented team involved.
This venture marks another instance of the Trump family's involvement in the crypto sphere, following the launch of World Liberty Financial, Trump Media's crypto ETF push, and the President and First Lady's meme coin launches on the Solana blockchain. Trump Media recently announced plans to introduce a token for its Truth ecosystem, including Truth Social and Truth+, a video-streaming platform.
The stock markets have reacted positively to this news, with Gryphon Digital Mining shares up over 173% to $1.42, while Hut 8 has seen a 11.74% increase. Bitcoin, meanwhile, has dipped 2.1% over the last 24 hours, trading just above $102,000.
[1] - American Bitcoin positions itself as a purpose-built Bitcoin accumulation vehicle, aiming for long-term value enhancement and market presence expansion.[2] - Eric Trump's interest in Bitcoin stems from political attacks, viewing Bitcoin as "digital gold."[3] - The merger will list the combined entity on the Nasdaq stock exchange under the symbol "TC."
[1] American Bitcoin, seeking long-term value and market presence growth, intends to operate as a purpose-built Bitcoin accumulation vehicle.[2] Eric Trump's investment in Bitcoin is driven, in part, by political criticisms, considering it a form of "digital gold."[3] Upon the merger's completion, the combined entity will be listed on the Nasdaq stock exchange, trading under the symbol "TC."[4] The merged company, relying on the infrastructure and operations of Hut 8, aspires to become the backbone of Bitcoin mining in America.[5] AsDecimalization of the finance sector continues, this move showcases the increasing adoption of crypto assets like Bitcoin and the technology that underpins them.[6] In the world of decentralized finance and business, the merger marks another significant step for Bitcoin and affiliated blockchain solution providers.
