Trump Family-Backed American Bitcoin to Go Public via Merger With Gryphon Digital

American Bitcoin, a majority-owned subsidiary of Hut 8 Corp. (HUT) and backed by the Trump family, is set to go public through a merger with Gryphon Digital Mining (GRYP). This strategic move sent ripples through the market, with Hut 8’s shares surging 12% in pre-market trading and Gryphon Digital Mining experiencing a dramatic 200%+ increase.

The catalyst for this significant market reaction is the upcoming merger, a stock-for-stock transaction where Gryphon Digital Mining will acquire American Bitcoin. Upon completion, the combined entity will operate under the American Bitcoin name and trade on the Nasdaq exchange under the ticker symbol “ABTC.” This transaction is anticipated to finalize as early as the third quarter of 2025.

The deal’s structure is notable. American Bitcoin’s existing leadership and board of directors, including CEO Mike Ho, will remain in place. The company’s core focus—low-cost bitcoin (BTC) accumulation—will continue to drive its operations. This emphasis on cost-effective Bitcoin acquisition is highlighted by Asher Genoot, CEO of Hut 8, who stated that the merger represents “the next step in scaling American Bitcoin as a purpose-built vehicle for low-cost Bitcoin accumulation at scale.” He further emphasized the strategic benefit of gaining access to dedicated growth capital independent of Hut 8’s financial resources.

Following the merger, the ownership structure will see existing American Bitcoin shareholders holding approximately 98% of the newly combined company. Crucially, Hut 8 will retain its majority ownership stake and will serve as the exclusive infrastructure and operations partner, solidifying its strategic relationship with American Bitcoin. This partnership ensures the continued operational efficiency and scalability of American Bitcoin’s bitcoin mining operations.

The involvement of the Trump family, who own 20% of American Bitcoin through American Data Center (following a March merger with American Bitcoin), adds another layer of interest to this transaction. This investment underscores the growing interest in cryptocurrency and blockchain technology from prominent figures in the business world. The merger promises significant growth opportunities for all parties involved, positioning American Bitcoin for expansion and further development in the competitive cryptocurrency mining landscape.