American Bitcoin, a majority-owned subsidiary of Hut 8 and related to the Trump household, is about to change into a publicly traded entity by a merger with Gryphon Digital Mining.
The stock-for-stock transaction will lead to American Bitcoin taking up Gryphon’s public itemizing. The mixed firm is anticipated to commerce on Nasdaq beneath the ticker “ABTC” as early because the third quarter of 2025.
The deal construction permits American Bitcoin shareholders to retain roughly 98 % of the post-merger firm, in accordance with a press release issued by Hut 8.
Hut 8, which already controls a majority stake in American Bitcoin, will proceed to carry a helpful possession curiosity whereas shifting operational focus towards offering infrastructure providers by long-term agreements. Gryphon, a micro-cap Bitcoin miner at the moment listed on Nasdaq, will function the company car for American Bitcoin’s public debut.
The brand new entity’s board of administrators will include Mike Ho, Asher Genoot, Justin Mateen, and Michael Broukhim, with Ho, Matt Prusak, and Eric Trump making up its govt workforce.
Eric Trump, who has prominently promoted American Bitcoin’s imaginative and prescient, stays on as chief technique officer. The corporate goals to place itself as a nationwide Bitcoin reserve builder and brand-forward miner with a capital-light operational mannequin.
Donald Trump Jr. can also be concerned with the corporate, because it was born from American Knowledge Facilities Inc., based by the 2 sons of President Donald Trump. The unique launch assertion reads,
“American Bitcoin follows the strategic contribution of considerably all of Hut 8’s ASIC miners to and in trade for a majority curiosity in American Knowledge Facilities, Inc., an organization shaped by a gaggle of traders together with Eric Trump and Donald Trump Jr.
In reference to the transaction, American Knowledge Facilities, Inc. was subsequently renamed and relaunched as American Bitcoin.”
A Bitcoin reserve firm
In accordance with supplies circulated by the corporate, the objective is to build up Bitcoin effectively under market value and amplify publicity by treasury holdings quite than focus completely on hashrate metrics.
Per American Bitcoin’s presentation, the merger is designed to unlock entry to capital markets impartial of Hut 8’s stability sheet, probably giving the entity a extra direct path to strategic financing.
The mixed firm’s mannequin focuses on low-cost Bitcoin acquisition and long-term retention. It operates by Hut 8’s infrastructure pipeline, which spans over 1,020 megawatts of managed power capability and a further 10,800 megawatts in its improvement portfolio.
Eric Trump’s continued presence within the crypto sector follows latest exercise selling the TRUMP meme coin, part-owning the blockchain monetary providers agency World Liberty Monetary, and WLFI’s USD1 launch.
Market response
Gryphon’s share worth greater than tripled to $2.55 following the deal’s announcement, whereas Hut 8 inventory rose 11% to $15.45.
The market response suggests investor urge for food for Bitcoin-centric public autos stays elevated throughout present worth situations. As of late April, Bitcoin has been buying and selling simply above $104,000, close to its all-time excessive, creating a gorgeous backdrop for corporations searching for to go public with a Bitcoin-forward narrative.
Hut 8, which merged with US Bitcoin Corp in late 2023, not too long ago reported 9.3 EH/s in self-mining hashrate for Q1 2025, up 79% quarter-over-quarter, with its strategic reserve totaling over 10,200 BTC on the finish of March. The corporate additionally posted a web lack of $134 million for the quarter, emphasizing the necessity for various financing buildings past its present stability sheet.
The reverse merger avoids the complexities and timing challenges of a conventional IPO, enabling American Bitcoin to enter the general public markets whereas sustaining operational and strategic management.
Gryphon’s continued Nasdaq eligibility, in addition to stockholder and regulatory approvals, stay situations for the merger’s closure.
If accomplished, American Bitcoin will change into the newest in a wave of mining companies utilizing monetary engineering to align their treasury methods with public capital market entry.
