American Bitcoin, a bitcoin mining firm backed by Eric Trump and Donald Trump Jr., is set to go public on the Nasdaq through an all-stock merger with Gryphon Digital Mining.

Hut 8, a Canadian firm that holds 80% of American Bitcoin, said the merger is expected to finalize soon, with trading targeted for early September.

Eric Trump, Donald Trump Jr., and Hut 8 will together own 98% of the merged entity, which will trade under the ticker ABTC.

Anchor shareholders for the listing have already been secured, according to Hut 8 CEO Asher Genoot.

🔗 Source: Reuters

🧠 Food for thought

1️⃣ Crypto companies are choosing reverse mergers over traditional IPOs for faster market access

American Bitcoin’s decision to merge with Gryphon Digital Mining rather than pursue a direct IPO reflects a strategic approach that’s becoming more common in the crypto space.

As Hut 8 CEO Asher Genoot explained, “there was a lot more advantages to financing if we had an existing company that already had access to different financing”1.

This reverse merger structure allows American Bitcoin to bypass the lengthy and expensive IPO process while immediately gaining access to public market funding and NASDAQ listing requirements that Gryphon already meets.

The approach is particularly attractive in today’s environment where crypto M&A activity has surged dramatically, with the US seeing 93 crypto deals worth $4.1 billion in 2024—a 2.5-fold increase in value compared to the previous year2.

For companies looking to capitalize on favorable market conditions, reverse mergers can compress the timeline from months or years for a traditional IPO down to weeks once the target company is identified.

2️⃣ Political backing is accelerating crypto market consolidation at unprecedented scale

The timing of American Bitcoin’s public debut coincides with a crypto M&A boom that’s being fueled by favorable political winds and regulatory clarity.

Bitcoin reached a record high of $109,000 in late January 2025, reflecting a significant increase since Trump’s election, while the broader crypto market achieved a $3.4 trillion market cap with peaks of $3.8 trillion in December 202423.

This political backing has translated into tangible legislative progress, with Congress advancing major crypto bills including the GENIUS Act, which establishes federal frameworks for stablecoins and provides the regulatory clarity that institutional investors have been seeking4.