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Trump Family-Backed American Bitcoin to Go Public via Merger With Gryphon Digital
Pre-market spikes follow news of strategic stock-for-stock transaction.
What to know:
- Gryphon shares soar 200% pre-market, while Hut 8 gains 12% following the announcement of American Bitcoin’s public debut via merger.
- New entity to trade as “ABTC” on Nasdaq, with Hut 8 retaining majority ownership and securing long-term infrastructure contracts.
American Bitcoin, Hut 8’s majority-owned unit backed by the Trump family, will go public via a merger with Gryphon Digital Mining (GRYP).
Shares of Hut 8 Corp. (HUT) jumped 12% in pre-market trading, while Gryphon Digital Mining (GRYP) soared more than 200%, following the news.
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Başka bir hikayeyi kaçırmayın.Bugün Crypto Daybook Americas Bültenine abone olun. Tüm bültenleri gör
American Data Center, which was owned by Eric Trump and Donald Trump Jr, merged their firm with American Bitcoin in March. The Trump brothers own 20% of American Bitcoin, while Hut 8 holds the remaining 80%.
Eric Trump is one of the headline speakers at Consensus 2025.
The stock-for-stock transaction will result in Gryphon acquiring American Bitcoin, with the combined company adopting the American Bitcoin name and trading on Nasdaq under the ticker “ABTC.”
The merger is expected to close as early as Q3 of 2025. American Bitcoin will retain its current leadership and board, including CEO Mike Ho, and remain focused on scaling low-cost bitcoin accumulation.
“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.”
After the merger, existing shareholders of American Bitcoin are expected to own roughly 98% of the new company. Hut 8 will maintain majority ownership and serve as the exclusive infrastructure and operations partner.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
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- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
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