Mentioned:
The Nasdaq officially has a new Bitcoin mining company. And Hut 8, Eric Trump and Donald Trump Jr are behind it.
What’s happening:
- American Bitcoin (NASDAQ: ABTC) has officially closed their merger with Gryphon Digital Mining and begun trading on the Nasdaq
Why it matters:
- Hut 8 (NASDAQ: HUT) is one of the founding partners of American Bitcoin in partnership with Donald Trump Jr and Eric Trump and notably sold their Bitcoin mining operations to American Bitcoin in exchange for a significant equity stake in the company
Going deeper:
- American Bitcoin just recently raised $220M USD in an equity financing round to fuel the expansion of their Bitcoin mining operations, of which $10M USD was notably paid for in Bitcoin
- American Bitcoin has publicly stated they plan to both mine Bitcoin as well as acquire Bitcoin through large scale purchases to hold directly as an asset
The intrigue:
- Dominari Holdings (NASDAQ: DOMH) is a significant shareholder of American Bitcoin and is also one of the investment banks leading the new SPAC focused on American manufacturing that is backed by Donald Trump Jr and Eric Trump
