American Bitcoin, a Hut 8 majority-owned subsidiary backed by the Trump family, will go public through a merger with Gryphon Digital Mining (GRYP), a move that has sparked significant market activity.
Hut 8 Corp. (HUT) saw a 12% rise in pre-market trading, while Gryphon Digital Mining (GRYP) surged over 200% following the announcement.
In March, American Bitcoin merged with American Data Center, a company owned by Eric Trump and Donald Trump Jr. The Trump brothers hold a 20% stake in American Bitcoin, while Hut 8 controls the remaining 80%. Eric Trump is also slated to be one of the headline speakers at Consensus 2025.
The merger, structured as a stock-for-stock transaction, will result in Gryphon acquiring American Bitcoin. The newly combined entity will retain the American Bitcoin name and list on Nasdaq under the ticker symbol “ABTC.”
The deal is expected to close as soon as Q3 2025. Post-merger, American Bitcoin will continue with its current leadership, including CEO Mike Ho, and will remain focused on its mission to scale low-cost bitcoin (BTC) accumulation.
“This transaction is a major step in scaling American Bitcoin as a purpose-built platform for efficient Bitcoin accumulation,” said Asher Genoot, CEO of Hut 8. “By taking American Bitcoin public, we’ll unlock access to dedicated growth capital, separate from Hut 8’s balance sheet.”
Following the merger, existing American Bitcoin shareholders are expected to own about 98% of the new company. Hut 8 will remain the majority shareholder and serve as the exclusive infrastructure and operations partner for the combined entity.
