American Bitcoin, a subsidiary of Hut 8 Corp. and backed by the Trump family, is set to go public by merging with Gryphon Digital Mining (GRYP). The transaction, structured as a stock-for-stock deal, will result in the combined entity operating under the American Bitcoin brand and trading on Nasdaq with the ticker ABTC. Upon completion, American Bitcoin shareholders will own roughly 98% of the new company, while Gryphon shareholders will retain 2%, with Hut 8 Corp. maintaining majority control and acting as the sole infrastructure and operations partner.
This strategic move is designed to scale American Bitcoin as a platform for low-cost Bitcoin (BTC) accumulation, providing access to dedicated growth capital independent from Hut 8’s balance sheet. The current leadership and board—including CEO Mike Ho—will remain in place. The deal, expected to close as early as Q3 2025, sparked a 12% rise in Hut 8’s shares and over a 200% surge in Gryphon’s pre-market trading, reflecting positive investor sentiment. American Bitcoin originated as a joint venture between Hut 8 and Trump-backed American Data Centers, with Eric Trump and Donald Trump Jr. maintaining a 20% stake following a recent merger.
Industry observers note that the public listing and Trump family involvement highlight deepening ties between influential political figures and cryptocurrency ventures, potentially influencing market narratives surrounding crypto and broader adoption trends.