Trump Family Backs American Bitcoin IPO Through Merger With Gryphon Digital
American Bitcoin, which is majority owned by the Trump family, will go public after merging with Gryphon Digital Mining (GRYP).
Shares of Hut 8 Corp. (HUT) rose 12% in pre-market trading, while shares of Gryphon Digital Mining (GRYP) soared more than 200% on the news.
American Data Center, 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 will trade on the Nasdaq under the ticker symbol “ABTC.”
The merger is expected to close in the third quarter of 2025. American Bitcoin will retain its current management and board of directors, including CEO Mike Ho, and will continue to focus on increasing the volume of low-cost accumulation of bitcoin.
“This transaction is the next step in expanding American Bitcoin as a purpose-built vehicle for accumulating Bitcoin at scale and at low cost,” said Asher Genout, CEO of Hut 8. “By taking American Bitcoin public, we hope to gain direct access to the capital needed to grow, independent of Hut 8’s financial health.”
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 become the exclusive infrastructure and operations partner, delivering long-term revenues through its Power and Digital Infrastructure segments.
Source: cryptonews.net
