.png)
2 months ago
4
The miner 80% owned by Hut 8 is finalizing a merger with Gryphon ahead of listing. Trump brothers hold the other 20% stake.
Aug 28, 2025, 3:44 p.m.
American Bitcoin, the bitcoin BTC$112,920.48 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.
American 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.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
Helene Braun
Helene is a New York-based markets reporter at CoinDesk, covering the latest news from Wall Street, the rise of the spot bitcoin exchange-traded funds and updates on crypto markets. She is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
AI Boost
“AI Boost” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk's AI Policy.
More For You
Stellar Rebounds 3% on Institutional Interest as Blockchain Payments Gain Traction
XLM climbed from $0.38 support to close near $0.39 on above-average volumes, with corporate treasurers and institutions eyeing blockchain-based settlement solutions.
What to know:
- Stellar Lumens rebounded from $0.38 support to close near $0.39, with trading volumes topping 25.4 million, signaling institutional accumulation.
- Institutional activity surged 39% as multinational corporations explore blockchain-based payment rails amid shifting global trade policies.
- Analysts eye potential upside toward $0.50 in September, despite an 11% monthly decline, with geopolitical uncertainty driving adoption of decentralized settlement networks.
