American Bitcoin, the newly launched subsidiary of Hut 8, which boasts the backing of Eric Trump and Donald Trump Jr., officially commenced trading on the Nasdaq today under the ticker symbol “ABTC”. This notable debut comes on the heels of a completed all-stock merger with Gryphon Digital, marking a significant move in the evolving cryptocurrency landscape.
Matt Prusak, the president of American Bitcoin, explained to Sherwood News that the company—established by the Trump brothers alongside Hut 8 in March—will concentrate exclusively on accumulating bitcoin. The company aims to utilize a dual accumulation strategy, integrating self-mining operations with strategic bitcoin purchases. This approach is designed to distinguish American Bitcoin from other players in the sector.
Prusak highlighted that the decision to list now was propelled by the increasing mainstream adoption of bitcoin among institutional investors. Choosing a reverse merger over a traditional initial public offering (IPO) allowed for a swifter entry into public markets. “It’s an exciting day. We worked hard to get through this process. This is not the finish line — now it’s about the execution, hash rates, and building the reserve. The listing is opening the door; the real work starts now,” he remarked.
As it stands, American Bitcoin holds an inventory of 2,400 bitcoin and is on a mission to accumulate as much bitcoin as possible, though Prusak withheld specific figures or a timeline for future acquisitions. The company plans to leverage Hut 8’s existing infrastructure by monetizing its ASIC technology and colocation platforms, enabling it to mine bitcoin while minimizing the need for substantial upfront capital investment in proprietary data centers.
Notably, Prusak indicated that the Trump brothers, Hut 8, and other prominent shareholders—such as Gemini co-founders Tyler and Cameron Winklevoss—will maintain ownership of 98% of the new entity, signaling a strong commitment from major stakeholders.
Competition within the bitcoin treasury market is intensifying, and Prusak asserted that American Bitcoin intends to maintain its focus without diverging into ancillary ventures. “We don’t have side hustles. We are not focused on AI or data centers,” he affirmed, stressing the necessity for scale and discipline in the capital markets.
Regarding growth plans, while the company’s foundational operations will remain rooted in the U.S., there are potential considerations to expand crypto asset purchases in Asia, particularly in Japan. When questioned about what encapsulates the “American” identity of American Bitcoin, Prusak stated that it lies in the company’s core being, emphasizing its headquarters in the U.S. and dedication to offering American investors a pure-play bitcoin enterprise.
Eric Trump underscored the significance of this Nasdaq debut, characterizing it as a historic milestone in integrating bitcoin into the American capital markets and furthering the aspiration to position the U.S. as a leader in the global bitcoin economy.
