Blockchain-Powered Mining Operation Seeks IPO Backed by Trump-Endorsed Investors

Trump-Backed American Bitcoin Mining Venture Seeks to Go Public

A bitcoin mining venture backed by former US President Donald Trump is looking to go public through a merger with a special-purpose acquisition company (SPAC).

The venture, called Digital World Acquisition Corp., has filed with the US Securities and Exchange Commission (SEC) to merge with the mining company, Marathon Digital Holdings. The combined entity would be listed on the New York Stock Exchange (NYSE) under the ticker symbol DWAC.

Marathon Digital Holdings is a Nevada-based company that operates a large-scale bitcoin mining operation in Montana. The company has a significant presence in the US and has been expanding its operations in recent years.

The merger is expected to provide Marathon with the capital and resources needed to further expand its operations and increase its mining capacity. The combined entity would have a market capitalization of approximately $4.4 billion.

Trump, who is a well-known supporter of cryptocurrency, has a significant stake in Digital World Acquisition Corp. He has been a vocal advocate for the use of digital currencies and has predicted that they will become a major part of the global financial system.

The merger is the latest in a series of high-profile deals in the cryptocurrency space. In recent months, several major companies have gone public through SPAC mergers, including the digital asset manager Grayscale Investments and the cryptocurrency exchange Coinbase.

The deal is expected to close in the second half of 2022, pending regulatory approval and the approval of Digital World Acquisition Corp.'s shareholders.