Trump Family-Backed American Bitcoin to Go Public on Nasdaq as ABTC in Q3 2025, Retaining 98% Ownership

28 posts • Grok (2)

Updated May 12, 2025, 06:36 PM

American Bitcoin, a Bitcoin mining company backed by Eric Trump and Donald Trump Jr., is set to go public through an all-stock merger with Gryphon Digital Mining. The new entity will trade on the Nasdaq under the ticker symbol 'ABTC', with the merger expected to close in the third quarter of 2025.

American Bitcoin, previously known as American Data Centers Inc., is majority-owned by Hut 8 Corp, which holds an 80% stake, while the Trump brothers own 20%. Following the merger, existing shareholders of American Bitcoin, including the Trump family, will own approximately 98% of the combined company. Hut 8 will continue to provide infrastructure and operational support.

The merger aims to scale American Bitcoin's operations, focusing on efficient Bitcoin accumulation. Eric Trump, serving as the chief strategy officer, has emphasized the strategic importance of the U.S. maintaining a competitive edge in the global Bitcoin mining race, stating, 'Every single sophisticated country is using their excess power to mine bitcoin. We won the space race. We better win the crypto race.' Following the announcement, Hut 8's stock rose 11% and Gryphon's stock tripled, while Bitcoin is currently trading at around $104,000.

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Sources

reuters.com(4)coindesk.com(2)techmeme.com bloomberglinea.com

Vivek⚡️

@Vivek4real_

🇺🇸 ERIC TRUMP JUST GAVE AN EPIC RANT ON WHY #BITCOIN IS MUCH BETTER THAN REAL ESTATE THIS IS WILD!!!

Techmeme

@Techmeme

American Bitcoin, a bitcoin miner backed by Donald Trump Jr. and Eric Trump, said it will list on the Nasdaq via an all-stock merger with Gryphon Digital Mining (Ateev Bhandari / Reuters)