TL;DR
American Bitcoin has started the vote to merge with Gryphon Digital Mining. Its Nasdaq listing will take place in September under the ticker ABTC.
Hut 8 owns 80% of American Bitcoin, while American Data Centers, controlled by Eric Trump and Donald Trump Jr., holds the remaining 20%. Eric Trump will serve as chief strategy officer.
The company raised $220 million to expand mining operations and accumulate Bitcoin. Current shareholders will keep about 98% ownership after the merger.
American Bitcoin, a crypto mining company founded in March this year, is moving forward with its Nasdaq debut after initiating the merger process with Gryphon Digital Mining. Shareholders have begun voting, and if approved, the new company will start trading under the ticker ABTC from September.
The firm was formed as a partnership between Hut 8, which controls 80% of the capital, and American Data Centers, which holds the remaining 20%. The latter belongs to Eric Trump and Donald Trump Jr., who also act as investors and executives. Eric Trump holds the role of chief strategy officer and will have an active part in the new corporate structure.
The final structure will keep roughly 98% control of the merged company in the hands of current shareholders, including the Trumps and Hut 8. This ownership retention will happen through an all-stock merger agreement, without issuing new shares to the public market.
American Bitcoin Will Accumulate Mined Bitcoins
American Bitcoin aims to build a strategic reserve of BTC and expand its mining infrastructure. To fund this growth, it raised $220 million in a private placement intended for buying equipment and acquiring cryptocurrencies directly. According to the plan, the company will not only operate mining farms but also hold a significant portion of the BTC it mines instead of selling it immediately.
Gryphon Digital Mining, currently listed on Nasdaq under the ticker GRYP, will be absorbed by the new entity. Following the announcement, Gryphon’s shares fell 3%, while Hut 8’s remained steady. The deal still requires formal shareholder approval, but no major objections are expected given the defined ownership distribution.
Through this merger, Hut 8 aims to strengthen its position in the Bitcoin mining market by rebranding with solid financial backing. The direct involvement of former President Trump’s sons adds a political dimension to the project
