American Bitcoin, a Hut 8 subsidiary backed by the Trump family, will transition to a public company through a merger with Gryphon Digital Mining (GRYP). The announcement has caused significant movement in the markets, with Hut 8 Corp. (HUT) up 12% and Gryphon Digital Mining (GRYP) soaring over 200% in pre-market trading.
In March, American Data Center, led by Eric and Donald Trump Jr., merged with American Bitcoin. The Trump family owns 20% of the company, while Hut 8 holds the remaining 80%. Eric Trump is also slated to speak at Consensus 2025.
The stock-for-stock transaction will result in Gryphon acquiring American Bitcoin, which will retain its name and trade on Nasdaq under the ticker symbol “ABTC.” The merger is anticipated to close by Q3 2025, with American Bitcoin’s existing leadership, including CEO Mike Ho, staying in place.
“This merger is a pivotal step in scaling American Bitcoin’s low-cost bitcoin acquisition strategy,” stated Asher Genoot, CEO of Hut 8. “By going public, American Bitcoin will gain access to growth capital independent of Hut 8’s balance sheet.”
Following the merger, American Bitcoin’s shareholders are expected to retain approximately 98% ownership of the combined entity. Hut 8 will continue as the majority shareholder and exclusive infrastructure partner.
