US Bitcoin, BTC Miner Backed by Eric and Donald Trump Jr. to Go Public
Trump Family-Backed American Bitcoin to Go Public via Merger with Gryphon Digital
The market reacted with a jump in share prices after the announcement of the strategic share swap deal.
James Van Straten, AI Boost | Edited by Parikshit Mishra Updated May 12, 2025, 2:21 PM Published May 12, 2025, 12:27 PM
Key points:
- Gryphon shares are up 200% in premarket trading, while Hut 8 shares are up 12% after the announcement that American Bitcoin is going public via a merger.
- The new company will trade on the Nasdaq under the ticker symbol “ABTC,” with Hut 8 retaining a majority stake and securing long-term infrastructure contracts.
American Bitcoin, majority owned by Hut 8 and backed by the Trump family, will go public through a merger with Gryphon Digital Mining (GRYP).
Shares of Hut 8 Corp. (HUT) rose 12% in pre-market trading, while shares of Gryphon Digital Mining (GRYP) rose more than 200% on the news.
American Data Center, which is owned by Eric Trump and Donald Trump Jr., merged its company with American Bitcoin in March. The Trump brothers own 20% of American Bitcoin, while Hut 8 controls the remaining 80%.
In a stock-for-stock deal, Gryphon will acquire American Bitcoin, and the combined company will be called American Bitcoin and trade on the Nasdaq under the ticker symbol “ABTC.”
The merger is expected to close in Q3 2025. American Bitcoin will retain its current management and board of directors, including CEO Mike Ho, and will continue to focus on scaling the accumulation of low-cost bitcoin (BTC).
“This transaction represents the next step in the evolution of American Bitcoin as a purpose-built vehicle for accumulating Bitcoin at scale at affordable prices,” said Asher Genout, CEO of Hut 8. “By listing American Bitcoin, we hope to gain direct access to dedicated growth capital independent of Hut 8’s balance sheet.”
Following the merger, current American Bitcoin shareholders are expected to own approximately 98% of the new company. Hut 8 will retain a majority stake and remain the exclusive infrastructure and operational partner.
