Trump sons' American Bitcoin locks in investors for Nasdaq-bound all-stock merger: report
Aug. 28, 2025 6:19 AM ET
By: Arundhati Sarkar, SA News Editor
Gryphon Digital (NASDAQ: GRYP) rose +10% in premarket trading on Thursday on a Reuters report that American Bitcoin, a mining firm backed by President Donald Trump’s sons, has secured backing from both crypto and traditional investors for an all-stock merger with the company.
American Bitcoin's merger with Gryphon Digital Mining (NASDAQ: GRYP) is set to be finalized shortly, with goals to commence trading in early September, according to Asher Genoot, the CEO of Hut 8 (NASDAQ: HUT), which holds 80% of American Bitcoin.
The company's co-founder, Eric Trump, his brother Donald Trump Jr and Hut 8 (NASDAQ: HUT) will own a combined 98% of the newly formed entity, which will retain the name American Bitcoin and trade under the stock code "ABTC".
"Instead of going public directly via IPO, we thought that there was a lot more advantages to financing if we had an existing company that already had access to different financing too," Genoot told Reuters in an interview at the Crypto Asia conference in Hong Kong.
Eric Trump is also in Hong Kong and will travel to Tokyo on the weekend for an event for Metaplanet, a Japanese bitcoin treasury firm, Genoot said.
American Bitcoin is hunting for crypto assets to buy in Hong Kong and Japan to build out its global business, the Financial Times reported two weeks ago. |
