American Bitcoin, a subsidiary of Hut 8 and backed by the Trump family, is set to go public via a merger with Gryphon Digital Mining (GRYP), creating a significant market shift.
Following the announcement, Hut 8 Corp. (HUT) shares rose 12% in pre-market trading, while Gryphon Digital Mining (GRYP) saw an astonishing 200% increase.
The merger builds on a March deal where American Data Center, owned by Eric Trump and Donald Trump Jr., merged with American Bitcoin. The Trump family holds a 20% stake in American Bitcoin, with Hut 8 holding the remaining 80%. Eric Trump is also scheduled to speak at Consensus 2025.
The deal, a stock-for-stock transaction, will see Gryphon acquiring American Bitcoin. The merged entity will adopt the American Bitcoin name and list on Nasdaq under the ticker “ABTC.” The merger is expected to close by Q3 2025, with American Bitcoin retaining its current management team, including CEO Mike Ho.
“This marks a key moment in scaling American Bitcoin as a purpose-built vehicle for low-cost Bitcoin accumulation,” said Asher Genoot, CEO of Hut 8. “By taking American Bitcoin public, we unlock direct access to capital while maintaining Hut 8’s operational role.”
Following the merger, American Bitcoin shareholders are expected to hold around 98% of the new company. Hut 8 will maintain its majority stake and continue as the exclusive partner for infrastructure and operations.
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