Trump Sons-Backed American Bitcoin Slated To Make Nasdaq Debut Today
Synopsis
The stock will be traded under the ticker symbol ‘ABTC’.
American Bitcoin, a mining and accumulation firm backed by President Trump’s two eldest sons, announced that it is slated to make its Nasdaq debut on Wednesday following the completion of its merger with Gryphon Digital Mining.
The stock will be traded under the ticker symbol ‘ABTC’. According to a report by The Wall Street Journal, Eric Trump, Donald Trump Jr., Bitcoin (BTC) miner Hut 8 (HUT), and other American Bitcoin shareholders will control approximately 98% of the combined company. Investors in Gryphon, previously listed as GRYP, will hold the remaining stake.
“With the backing of the public markets, we believe American Bitcoin is now positioned to set the standard in Bitcoin accumulation,” said Asher Genoot, Executive Chairman of American Bitcoin and CEO of Hut 8, which launched the company earlier this year as a majority-owned subsidiary. “By combining Bitcoin mining, opportunistic market purchases, and the backing of Hut 8’s energy and digital infrastructure, we have created a vehicle designed to drive rapid, efficient Bitcoin-per-share growth.”
American Bitcoin said its mandate centered on the single objective of maximizing Bitcoin per share. The company aims to pursue this through a “multi-lever accumulation strategy” that blends self-mining with opportunistic market purchases. According to leadership, it offers the company flexibility to adapt to volatile market conditions.
Rather than committing significant capital to build in-house data centers, American Bitcoin plans to mine using Hut 8’s colocation platform, benefiting from next-generation ASIC technology and shared services. Management stated that this setup enhances cost efficiency and reduces overhead, allowing more capital to be directed toward scaling computing power and increasing reserves.
Bitcoin’s price gained nearly 2% in the last 24 hours. On Stocktwits, retail sentiment around the apex cryptocurrency moved higher but remained in ‘bearish’ territory over the past day. Meanwhile, Hut 8’s stock gained 1.8% in pre-market trade. However, retail sentiment around the company dipped to ‘neutral’ from ‘bullish’ over the past day.
Read also: US Bancorp Resumes Bitcoin Custody For Institutional Clients
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