Pre-market rallies follow announcement of high-profile crypto merger.
By M.AZAM
American Bitcoin, a Trump-family-backed digital asset company majority-owned by Hut 8, is set to go public through a merger with Gryphon Digital Mining (NASDAQ: GRYP), the companies announced Monday. The deal, structured as a stock-for-stock transaction, sent Gryphon shares soaring over 200% in pre-market trading. Hut 8 Corp. (NASDAQ: HUT) also gained 12% on the news.
The merged entity will operate under the American Bitcoin name and trade on Nasdaq under the ticker symbol “ABTC.” The transaction is expected to close as early as the third quarter of 2025.
The Trump family’s involvement comes through Eric Trump and Donald Trump Jr., who previously owned American Data Center. That firm merged with American Bitcoin in March, and the Trump brothers now control a 20% stake in the company. Hut 8 retains the remaining 80% and will continue as the majority shareholder following the merger.
“This transaction marks the next step in scaling American Bitcoin as a purpose-built vehicle for low-cost Bitcoin accumulation at scale,” said Asher Genoot, CEO of Hut 8. “By taking American Bitcoin public, we expect to unlock direct access to dedicated growth capital independent of Hut 8’s balance sheet.”
Under the deal, Gryphon will acquire American Bitcoin in a stock-based exchange. The resulting company will keep American Bitcoin’s leadership team, including CEO Mike Ho, and remain focused on cost-efficient Bitcoin mining and strategic accumulation.
Post-merger, American Bitcoin shareholders are expected to own approximately 98% of the combined entity, while Gryphon shareholders will retain the remaining 2%. Hut 8 will continue as the exclusive infrastructure and operations partner, securing long-term data center agreements that support American Bitcoin's growth plans.
The move underscores a broader trend of consolidation and institutional involvement in the crypto mining space, with notable political and public figures now directly linked to emerging blockchain ventures.