Gryphon Digital Mining (GRYP) shares skyrocket over 200% pre-market; Hut 8 (HUT) rises 12% after the announcement.
New entity to be named American Bitcoin (ABTC) and listed on Nasdaq.
Hut 8 will retain majority ownership and exclusive infrastructure rights.
American Bitcoin, the Trump-family-backed Bitcoin mining venture majority-owned by Hut 8, is going public through a strategic stock-for-stock merger with Gryphon Digital Mining. The move has triggered major market activity, with Gryphon’s shares surging more than 200% and Hut 8 climbing 12% in pre-market trading.
The new company will trade under the ticker “ABTC” on Nasdaq following the merger, which is expected to close as early as Q3 2025. The combined entity will operate under the American Bitcoin name, keeping its existing leadership team led by CEO Mike Ho, and will remain focused on building a scalable, low-cost Bitcoin accumulation platform.
The Trump connection stems from American Data Center, originally owned by Eric Trump and Donald Trump Jr., which merged with American Bitcoin in March. The Trump brothers now own a 20% stake in the firm, while Hut 8 controls 80%. Eric Trump is also scheduled to speak at Consensus 2025, highlighting the family’s growing engagement in the crypto space.
Hut 8 CEO Asher Genoot called the merger a key step in unlocking growth capital:
“This transaction marks the next step in scaling American Bitcoin as a purpose-built vehicle for low-cost Bitcoin accumulation at scale. By taking it public, we expect to access dedicated capital independent of Hut 8’s balance sheet.”
Post-merger, shareholders of American Bitcoin will own approximately 98% of the new company, and Hut 8 will continue as the exclusive infrastructure and operations partner, reinforcing its dominant role in the venture’s growth and strategy.
