American Bitcoin, a domestic Bitcoin
The move to become a publicly traded entity is proceeding following the completion of a merger between American Bitcoin and Gryphon Digital Mining. Hut 8 CEO Asher Genoot shared this information in a recent conversation with Reuters.
Hut 8, a veteran company within the cryptocurrency mining landscape, currently controls 80% of American Bitcoin. After the merger concludes, Eric Trump and Donald Trump Jr. are anticipated to collectively own approximately 19% of the resulting entity.
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American Bitcoin, initially revealed in March, aspires to be a leading force in the US Bitcoin mining industry.
Upon its public listing, the company plans to use the ticker symbol ABTC for trading.
Besides its Bitcoin mining activities, the company has also been accumulating Bitcoin as part of its corporate assets. According to public documents, American Bitcoin held 215 BTC by June. With Bitcoin’s valuation around $112,000 on August 28, the value of their holdings approaches $24 million.
Should the listing occur, this quantity would place American Bitcoin in approximately the 30th position among publicly traded US companies in terms of Bitcoin holdings, based on data compiled by Bitcoin Treasuries.
In comparison, its majority owner, Hut 8, possesses 10,667 BTC, currently valued at approximately $1.2 billion. Hut 8 has maintained Bitcoin on its balance sheet since 2017.
Hut 8 recently shared its intention to establish four new facilities across the United States. Want to know where? Get the complete details here.