American Bitcoin, the cryptocurrency miner owned by two of U.S. President Donald Trump’s sons, plans to hold an initial public offering (IPO) in September.
American Bitcoin reportedly plans to list its stock on the Nasdaq exchange in New York. The company is 20% owned by Eric Trump and Donald Trump Jr., with Bitcoin (BTC) miner Hut 8 (TSE:HUT) owning the other 80% of the company.
It was only in March of this year that American Bitcoin launched with the goal of building up Bitcoin reserves both by mining the digital asset and buying it outright and adding it to its balance sheet.
American Bitcoin’s move to go public comes days after Trump Media and Technology Group (DJT) said it plans to form a joint venture with Crypto.com that will take that cryptocurrency firm public via a special purpose acquisition company, known as a SPAC.
American Bitcoin recently raised $220 million U.S. from investors. The capital is being used to expand its infrastructure and strengthen its balance sheet through Bitcoin holdings.
The public debut of American Bitcoin comes amid a flurry of crypto IPOs. In recent months, Circle Internet Group (CRCL) and Bullish (BLSH) have each gone public.
Cryptocurrency exchange Gemini also recently filed paperwork to hold an IPO this autumn. Analysts say many crypto firms are going public in an effort to attract institutional investors.
The Nasdaq listing of American Bitcoin will also help Toronto-based Hut 8 in its push to establish itself as a leading North American crypto mining company, analysts say.
The stock of Hut 8 is up 16% this year and trading at $36.48 per share in Toronto.
