American Bitcoin, a mining company supported by Donald Trump’s sons, Eric and Donald Jr., is moving forward with plans for a public listing on Nasdaq through a merger involving general stocks. The company’s stock saw an increase of over 300% on Monday.
American Bitcoin, which will operate under the ticker symbol “ABTC,” is expected to finalize this transition by the third quarter of 2025. The Trump brothers currently hold around 98% of the company’s shares.
This development is part of a broader initiative by the Trump family to expand their influence within the cryptocurrency sector, which also includes the notable $Trump Meme Coin that offers private dinners with the President to top coin holders.
Eric Trump, who serves as co-founder and chief strategy officer of the mining firm, believes this move is essential for the U.S. to maintain its leadership in the Bitcoin mining landscape. He previously mentioned to CNBC that “all sophisticated countries use excessive force to mine Bitcoin.”
Although he has distanced himself from direct ties to his father’s administration, he expressed that the U.S. needs to stay competitive in the cryptocurrency arena. “We won the space race. We should have won the code race,” he commented.
During the campaign, Trump frequently vouched for support for U.S. Bitcoin miners, sharing his hopes that all future Bitcoin will be mined on American soil at a Mar-a-Lago event.
The latest executive orders from the administration have eased some environmental restrictions and aim to promote fossil fuel development, which may benefit oilfield miners despite concerns regarding potential climate impacts.
The response in the crypto market has been muted; Bitcoin has been trading relatively flat, hovering around $104,000.
American Bitcoin is being developed from energy infrastructure company Hut 8, which focuses on creating a distinct mining operation and unlocking new financial opportunities. Hut 8’s shares rose by 10% on Monday.
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