According to American Bitcoin's (ABTC.US) largest investor, the Bitcoin mining company backed by President Trump's two sons has successfully secured investors from both cryptocurrency and traditional sectors to support an all-stock merger transaction. Through this deal, the company is expected to soon trade on the Nasdaq exchange.
Asher Genoot, CEO of Hut 8 (HUT.US), which holds an 80% stake in American Bitcoin, revealed that the merger between this private company and digital mining firm Gryphon (GRYP.US) is nearing completion, with trading targeted to begin in early September. He added that anchor investors for the listing have all been secured.
The newly formed entity will be 98% owned by company co-founder Eric Trump, his brother Donald Trump Jr., and Hut 8, and will continue operating under the American Bitcoin name with ticker symbol ABTC.
Speaking at the Crypto Asia conference in Hong Kong, Genoot stated: "Rather than going public through an initial public offering (IPO), we believe there are more financing advantages by leveraging an existing company that already has multiple funding channels through a merger."
Genoot also mentioned that Eric Trump is currently in Hong Kong and will travel to Tokyo over the weekend to participate in events for Japanese Bitcoin asset management company Metaplanet.
According to reports from two weeks ago, American Bitcoin is seeking acquirable cryptocurrency assets in Hong Kong and Japan to expand its global operations. Genoot noted that since some investors are restricted from purchasing shares of Nasdaq-listed companies, the company may invest in entities outside the United States, allowing investors to gain exposure to publicly traded Bitcoin assets.
"Everything is still in early stages, and we haven't confirmed any specific partnerships yet," Genoot added.
He also revealed that Hut 8 was originally a cryptocurrency mining company, but after co-founding American Bitcoin with Trump's sons, it has shifted its business focus toward energy infrastructure and data center operations.