American Bitcoin, backed by Trump’s eldest sons, set to start trading soon
The company is expected to merge with Gryphon Digital in early September.
American Bitcoin, the Hut 8 subsidiary backed by Eric Trump and Donald Trump Jr., is set to begin trading on the Nasdaq in early September via an all-stock merger with Gryphon Digital, Reuters reported, noting that the Trump brothers and Hut 8 are set to own a whopping 98% of the new entity.
“Instead of going public directly via IPO, we thought that there was a lot more advantages to financing if we had an existing company that already had access to different financing too,” Hut 8 CEO Asher Genoot told Reuters. He added that “anchor shareholders in the listing have been finalized.”
Major shareholders include Gemini’s cofounders, Tyler and Cameron Winklevoss, “who invested with bitcoin rather than cash,” Genoot said in the second-quarter earnings call earlier this month.
In other bitcoin news...
South Korea’s newly launched BitPlanet will be “the first institutional, global bitcoin treasury in the country,” Paul Lee, cofounder of Lobo Ventures, announced at Bitcoin Conference Asia. The newly rebranded company will “deploy $40 million of fresh cash into the bitcoin strategy on Day 1.”
UK-based The Smarter Web Company acquired 45 bitcoin and now holds 2,440 bitcoin.
