Original Title: "Trump's Son's Bitcoin Mining Company American Bitcoin Goes Public via Merger, Gryphon Mining Stock Soars 330%"
Original Author: Joe, BlockTempo
On May 12, the U.S. listed Bitcoin mining company Hut 8 (HUT) announced that its subsidiary American Bitcoin Corp. has signed a final merger agreement with the Nasdaq-listed company Gryphon Digital Mining (GRYP). According to the agreement, American Bitcoin will go public through a merger with Gryphon Digital Mining, which is expected to be completed in the third quarter of 2025.
Post-Merger Matters
The announcement stated that after the completion of the transaction, the merged company will operate under the American Bitcoin brand, with board leadership including Mike Ho (Executive Chairman), Asher Genoot (CEO of Hut 8), 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 noted that the company will continue to serve as the exclusive infrastructure and operational partner for 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 in the merged company.
In response, Hut 8 CEO Asher Genoot commented:
"By taking American Bitcoin public, we expect to unlock dedicated growth capital independent of Hut 8's balance sheet while retaining long-term Bitcoin appreciation potential for our shareholders. This move will also accelerate American Bitcoin's scale expansion and strengthen its leadership position in U.S. Bitcoin infrastructure development."
What is American Bitcoin?
American Bitcoin is a Bitcoin mining and reserve company established in March 2025, headquartered in the U.S., co-founded by Hut 8 and American Data Centers. Hut 8 provides approximately 61,000 ASIC miners and holds an 80% stake, while American Data Centers holds the remaining 20%.
It is noteworthy 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 a 20% stake in American Bitcoin through the 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 driving 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 merger, with Gryphon serving as the publicly listed vehicle, providing American Bitcoin with a fast track to the capital markets.
Gryphon Digital Mining Stock Surge
Following the merger news, Gryphon Digital Mining's stock price surged approximately 280% in pre-market trading on May 12. 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 five days.
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