Trump-Backed Bitcoin Miner American Bitcoin Targets September Nasdaq Debut

What to know:

• American Bitcoin plans to list on the Nasdaq in September, according to Hut 8 CEO Asher Genoot.
• The company is majority-owned by Hut 8, while Donald Trump Jr. and Eric Trump hold a combined 20% stake.
• American Bitcoin recently raised $220 million to expand its bitcoin holdings and infrastructure.

American

American Bitcoin, the bitcoin miner 20% owned by two of President Donald Trump's sons, plans to list on the Nasdaq in September, said Asher Genoot, the CEO of Hut 8, which owns the other 80%.

The firm is finalizing a merger with Gryphon Digital Mining that will clear the way for its public debut, Reuters reported. Once completed, the existing shareholders are expected to retain ownership of about 98% of the combined company.

Bitcoin launched in March with a strategy to build up bitcoin reserves both by mining the asset and buying it outright for its balance sheet. The involvement of Donald Trump Jr. and Eric Trump ties the company to one of the most prominent political families in the United States.

The announcement comes days after another Trump-linked company, Trump Media and Technology Group (DJT) said it planned to form a joint venture with Crypto.com that will go public by combining with a special purpose acquisition vehicle (SPAC).

American Bitcoin recently raised $220 million from accredited investors along with $10 million worth of bitcoin contributed in lieu of cash. The capital was intended to expand its infrastructure and strengthen its treasury as it moves toward life as a publicly traded firm.

Genoot, speaking at the Bitcoin Asia conference in Hong Kong, said the miner may also take stakes in businesses outside the U.S. to broaden access to bitcoin-linked securities. Some investors are unable to buy Nasdaq-listed stocks directly, and Genoot suggested foreign partnerships could provide a pathway to exposure through regulated entities.

For American Bitcoin, the planned listing represents a bet that public markets remain hungry for direct exposure to crypto miners even as competition intensifies and energy costs fluctuate. A September debut would place the firm among a small cohort of miners pursuing listings as a way to draw institutional investors.

The move also offers Toronto-based Hut 8 another lever in its push to establish itself as a leading North American mining company, while giving the Trump brothers a foothold in a business tied directly to the growth of bitcoin.

Shares of Hut 8 were recently trading 0.6% higher at $26.5.