American Bitcoin's Nasdaq Listing
American Bitcoin Secures Nasdaq Listing
American Bitcoin, a Bitcoin mining company supported by Hut 8 and American Data Centers, will become publicly traded on the Nasdaq through a stock-for-stock merger with Gryphon Digital Mining. This was announced by Hut 8 on Monday.
Key Highlights
- The merger is anticipated to close in Q3 2025, pending regulatory approvals.
- The combined entity will operate under the American Bitcoin brand and trade under the ticker "ABTC" on Nasdaq.
- Hut 8 will retain a majority stake and act as American Bitcoin's exclusive infrastructure partner.
This merger will allow American Bitcoin to quickly expand its operations and establish itself as a cost-effective method for accumulating Bitcoin and building infrastructure in the US. For Hut 8, this provides access to growth capital independent of its own balance sheet, while maintaining substantial exposure to Bitcoin's potential growth.
"This transaction marks the next step in scaling American Bitcoin as a purpose-built vehicle for low-cost Bitcoin accumulation at scale," stated Asher Genoot, CEO of Hut 8.
"By taking American Bitcoin public, we expect to unlock direct access to dedicated growth capital independent of Hut 8’s balance sheet, while preserving long-term exposure to Bitcoin upside for our shareholders,” he added.
The leadership of the merged company will include American Bitcoin's existing board of directors (Mike Ho, Asher Genoot, Justin Mateen, and Michael Broukhim), along with Eric Trump joining the management team. American Bitcoin's existing shareholders will retain roughly 98% ownership. Hut 8 will hold a majority stake in the combined company's outstanding shares following the merger.
Hut 8 will continue its involvement as the exclusive infrastructure and operations partner for American Bitcoin, supported by long-term commercial agreements. This partnership is projected to generate consistent revenue for Hut 8's Power and Digital Infrastructure divisions.
Initially announced in late March, the formation of American Bitcoin involved a cashless merger with American Data Centers (ADC), an AI infrastructure company. Hut 8 holds an 80% stake, with ADC (affiliated with Eric Trump and Donald Trump Jr.) holding the remaining 20%.
According to data from Bitcoin Treasuries, Hut 8 currently possesses 10,273 Bitcoin, valued at approximately $841 million, representing nearly 0.05% of Bitcoin's total supply. This makes Hut 8 the sixth-largest public corporate Bitcoin holder.
Reverse mergers are increasingly common for Bitcoin-focused entities seeking rapid growth and capital market access. This trend is exemplified by other recent events, such as Strive Asset Management's merger with Asset Entities and the launch of Nakamoto, a Bitcoin investment firm.
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