American Bitcoin, a US-based Bitcoin
American Bitcoin is moving forward with this plan after finalizing a merger with Gryphon Digital Mining, according to Hut 8 CEO Asher Genoot, who spoke to Reuters.
Hut 8, a long-standing player in the crypto mining industry, currently owns 80% of American Bitcoin. Once the merger is completed, Eric Trump and Donald Trump Jr. are expected to jointly hold about 19% of the company.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What is a Liquidity Pool in Crypto? (Animated)
American Bitcoin was first introduced in March and aims to become one of the leading mining firms in the United States.
When the company goes public, it plans to trade under the ticker symbol ABTC.
In addition to mining Bitcoin, the company has also added some to its corporate holdings. Public filings show that by June, American Bitcoin had collected 215 BTC. With Bitcoin valued at around $112,000 on August 28, that puts the value of its holdings close to $24 million.
If listed, this amount would place American Bitcoin around the 30th spot among US public companies that hold Bitcoin, according to data from Bitcoin Treasuries.
For comparison, its majority owner, Hut 8, holds 10,667 BTC, which is currently worth about $1.2 billion. Hut 8 has been holding Bitcoin on its balance sheet since 2017.
Hut 8 recently announced plans to open four new facilities in the United States. Where will these facilities be located? Read the full story.
