American Bitcoin’s Merger and Market Plans

American Bitcoin, a miner backed by two sons of former President Trump, has secured backing from both crypto and traditional investors for an all-stock merger, enabling the company to trade on Nasdaq relatively quickly.

This merger with Griffon Digital Mining is expected to be confirmed soon, aiming for a trading start in early September, as indicated by Asher Genoot, CEO of Hut 8, which holds an 80% stake in US Bitcoin.

He mentioned that the key shareholders for the new listing have been finalized.

In a related note, Gemini has yet to respond to inquiries from Reuters.

Eric Trump, co-founder of American Bitcoin, along with his brothers Donald Trump Jr. and Hut 8, collectively holds a significant 98% of the newly established entities.

Genoot elaborated at the Bitcoin Asia Conference in Hong Kong, mentioning that they believed utilizing an existing entity for fundraising instead of going directly through an IPO could yield greater benefits.

Eric Trump is also in Hong Kong and plans to travel to Tokyo for events related to Metaplanet, a Japanese Bitcoin finance company.

Reportedly, American Bitcoin aims to acquire crypto assets in Hong Kong and Japan to expand its global presence.

Genoot pointed out that American Bitcoin has faced restrictions on purchasing NASDAQ-registered shares, which would allow access to public Bitcoin assets for buying shares in non-U.S. companies.

American Bitcoin, announced by Hut 8 alongside Eric and Donald Trump Jr. in March 2025, aims to become the “world’s largest, most efficient, pure Bitcoin miner.”

Genoot mentioned that the company intends to generate cryptocurrency through both mining and purchasing. He explained, “Rather than a financial strategy where companies raise funds to buy Bitcoin and mining firms, we believe we can achieve better returns at different times.” Hut 8, previously focused on crypto mining, has shifted its attention to energy infrastructure and data centers following the launch of American Bitcoin.

Hut 8 will be leasing its data center to US Bitcoin, Genoot confirmed.

Critics of Trump have pointed to his administration’s past promotion of the crypto industry while his family is now heavily invested in it. However, Genoot clarified that American Bitcoin’s operations are independent of government involvement, with Eric Trump primarily focusing on mining strategy and site development.

In a nearby session, Nakamoto Holdings, led by crypto advocate David Bailey, announced plans to explore the startup scene in Asia and to support emerging businesses. Kevin Chan, Nakamoto’s head in Asia, expressed interest in potential mergers and acquisitions in the crypto space.