Original title: (Trump's son Bitcoin mining company American Bitcoin goes public via reverse merger, Gryphon Mining stock skyrockets 330%)
Original author: Joe, BlockTempo
U.S. listed Bitcoin mining company Hut 8 (HUT) announced on May 12 that its holding subsidiary American Bitcoin Corp. has signed a final merger agreement with NASDAQ-listed company Gryphon Digital Mining (GRYP). According to the agreement, American Bitcoin will achieve a public listing through the merger with Gryphon Digital Mining, expected to be completed in the third quarter of 2025.
Relevant matters after the merger
The announcement stated that after the transaction is completed, the merged company will operate under the American Bitcoin brand, with board leadership members including Mike Ho (executive chairman), Asher Genoot (Hut 8 CEO), Justin Mateen (co-founder of Tinder), and Michael Broukhim (co-founder of FabFitFun). The management team will consist of Mike Ho, Matt Prusak (CEO), and Eric Trump (chief strategy officer). The merged company is expected to trade on NASDAQ under the stock code ABTC.
Hut 8 further stated that the company will continue to act as the exclusive infrastructure and operational partner of American Bitcoin, providing mining equipment and data center support through a series of long-term commercial agreements. Meanwhile, existing shareholders of American Bitcoin will hold approximately 98% of the shares of the merged company.
In response, Hut 8 CEO Asher Genoot commented:
“By allowing American Bitcoin to go public, we expect to unlock dedicated growth capital independent of Hut 8's balance sheet, while preserving long-term Bitcoin appreciation potential for our shareholders. This move will also accelerate the scale expansion of American Bitcoin and strengthen its leadership position in the construction of Bitcoin infrastructure in the United States.”
What kind of company is American Bitcoin?
American Bitcoin is a Bitcoin mining and reserve company established in March 2025, headquartered in the United States, co-founded by Hut 8 and American Data Centers. Hut 8 provides about 61,000 ASIC miners and holds 80% of the equity, while American Data Centers holds the remaining 20%.
It is worth noting that American Bitcoin has close ties to the Trump family. American Data Centers was co-founded in February 2025 by investors including Eric Trump and Donald Trump Jr., who hold 20% of American Bitcoin through this company. Eric Trump is not only a co-founder of American Bitcoin but also serves as chief strategy officer, responsible for formulating the company's strategy and advancing the public listing plan.
Gryphon Digital Mining is a smaller Bitcoin mining company focused on sustainable mining technology. This merger is seen as a reverse listing, with Gryphon serving as the public vehicle for American Bitcoin, providing a fast track to the capital markets.
Gryphon Digital Mining stock price soars
Affected by the merger news, Gryphon Digital Mining's stock price surged about 280% in pre-market trading on May 12, and as of the time of writing, GRYP has risen from $0.52 on May 9 to $1.42, with a nearly 330% increase over the past 5 days.
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