Trump-affiliated mining firm American Bitcoin to go public via merger with Gryphon Digital

American Bitcoin, a subsidiary of Bitcoin miner Hut 8 Corp. and Trump-led data firm American Data Centers, intends to go public through a definitive merger agreement with Gryphon Digital Mining, Inc. The stock-for-stock transaction is expected to close as early as the third quarter of 2025, pending shareholder and regulatory approvals, according to a Monday press release.

The merger structure will see American Bitcoin shareholders owning approximately 98% of the combined company, with Gryphon shareholders holding the remaining 2%. Also, the entity is expected to operate under the American Bitcoin brand and trade on Nasdaq under the ticker symbol ABTC.

“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, Hut 8 CEO.

American Bitcoin was unveiled in March this year through a strategic partnership between Hut 8 and American Data Centers, which counts Eric Trump and Donald Trump Jr. as investors. Genoot previously shared plans to transition the Trump-backed BTC mining to a public company on April 1. 

“By taking American Bitcoin public, we expect to unlock direct access to dedicated growth capital independent of Hut 8’s balance sheet, while preserving long-term exposure to Bitcoin upside for our shareholders,” Genoot added. Hut 8 shares rose 12% in pre-market hours following the news, per Yahoo Finance.

Leadership at American Bitcoin remains the same, with Mike Ho as executive chairman, CEO Matt Prusak, and Chief Strategy Officer Eric Trump. Hut 8 CEO Asher Genoot, Tinder co-founder Justin Mateen, and FabFitFun co-founder Michael Broukhim will also retain their board positions after the merger.