American Bitcoin, a Bitcoin miner backed by two of US President Donald Trump’s sons, has rallied crypto and traditional investors to support an all-stock merger that will allow the firm to soon begin trading on NASDAQ, the company’s largest investor said.
The firm’s ongoing merger with Gryphon Digital Mining is set to be completed soon, with the goal of starting trading in early September, said Asher Genot, CEO of Hut 8, which holds 80% of American bitcoin.
He said the anchor shareholders on the list are complete, adding that crypto exchange Gemini co-founders Tyler and Cameron Winklevoss have invested in the new firm.
The twins did not immediately respond to Reuters requests for comment.
American Bitcoin co-founder Eric Trump, his brother Donald Trump Jr. and Hut 8 will own a combined 98% of the newly formed entity, which will retain the name American Bitcoin and trade under the stock symbol ABTC.
“Instead of going public directly through an IPO, we thought there were many more advantages to financing if we had an existing company that already had access to different funding as well,” Genoot told Reuters at the Bitcoin Asia conference in Hong Kong.
Eric Trump is also in Hong Kong and will travel to Tokyo over the weekend for an event by Japanese Bitcoin wallet firm Metaplanet, Genoot said.
American Bitcoin is hunting to buy crypto assets in Hong Kong and Japan to build its global business, the Financial Times reported two weeks ago.
Genoot said American Bitcoin could take stakes in companies outside the US so that people have access to publicly listed Bitcoin assets, as some investors were prevented from buying NASDAQ-listed stocks.
“It’s very early at this point. So we haven’t committed to anything,” he said.
American Bitcoin, launched in March 2025 by 8th Hutt, along with Eric Trump and Donald Trump JR, has promised to become “the world’s largest, most efficient pure-play Bitcoin miner.”
The firm’s formation comes as the US accelerates crypto-related legislation to support the industry’s growth under US President Donald Trump.
Genoot said the new firm will accumulate cryptocurrency through both mining and buying.
“Instead of just a Treasury strategy where companies raise money to buy Bitcoin, or just a mining company … we ebb and flow between whichever one has the best return at different times,” he said.
Miami-based Hut 8 was also a crypto miner, but after launching American Bitcoin with Trump’s sons, it has focused on energy infrastructure and data centers.
Hut 8 leases data centers to American bitcoin, Genoot said.
Critics of President Trump have accused him of conflicts of interest for promoting the crypto industry at a time when his family is involved in the industry, allegations that the White House has brushed aside.
Genoot said that the American Bitcoin business has nothing to do with the government, and Eric Trump is mainly involved in strategy, such as related to Bitcoin mining, new website development, and treasury strategy.
Separately at the same conference, Nakamoto Holdings, a Bitcoin treasury company led by crypto lawyer David Bailey, said it is looking beyond the Asian crypto startup scene and plans to support early-stage companies to develop the crypto ecosystem.
“We will also look at other opportunities where we can incubate and do M&As,” said Kevin Zhang, Asia head at Nakamoto.
Published – August 29, 2025 09:53 IST
