American Bitcoin, a cryptocurrency mining and holding company backed by former U.S. President Donald Trump’s sons and Canadian miner Hut 8, is preparing to list on the Nasdaq exchange under the ticker ABTC, the company said on Tuesday.
The entity, which describes itself as a bitcoin mining and accumulation firm, holds about 2,443 bitcoin. At current market levels near $110,793 per coin, its holdings are valued at roughly $270 million.
American Bitcoin has raised about $220 million from investors, including backing from Cameron and Tyler Winklevoss, founders of crypto exchange Gemini. The company said the fresh capital will be used to expand mining capacity and strengthen its balance sheet.
The planned listing comes as digital asset markets recover from a sharp downturn in 2022 and 2023, with bitcoin rallying to record highs this year on expectations of broader institutional adoption. Shares of publicly listed miners such as Marathon Digital and Riot Platforms have surged in tandem.
Trump has in recent months sought to align himself more closely with the cryptocurrency industry, pledging support for U.S. bitcoin mining and drawing contrast with Democratic proposals for tighter oversight.
Background
The Trump family’s involvement marks one of the most high-profile political endorsements of the U.S. bitcoin mining sector to date. Donald Trump Jr. and Eric Trump have taken advisory roles in American Bitcoin, according to people familiar with the matter, while the company has sought to brand itself as a “patriotic” alternative to miners operating overseas.
The U.S. has become the largest hub for bitcoin mining globally following China’s 2021 ban on the activity. Companies including Core Scientific, Marathon Digital and Riot Platforms dominate the industry, operating large-scale facilities in states such as Texas and Kentucky.
American Bitcoin’s entry to the public market comes as miners face rising electricity costs and increasing scrutiny over their environmental footprint, with regulators and lawmakers weighing new disclosure requirements.
Market Impact
Analysts said ABTC’s listing could draw fresh investor attention to the bitcoin mining sector, particularly given the Trump family’s political profile. A successful debut may fuel momentum in shares of established peers such as Marathon and Riot, which often trade in close correlation with bitcoin prices. However, some warned that heightened volatility and policy uncertainty could limit investor appetite despite the sector’s renewed visibility.