Original title: "Trump's son Bitcoin mining company American Bitcoin goes public via reverse merger, Gryphon Mining stock price skyrockets 330%"

Original author: Joe, BlockTempo

The U.S.-listed Bitcoin mining company Hut 8 (HUT) announced on May 12 that its holding subsidiary American Bitcoin Corp. has signed a definitive merger agreement with Nasdaq-listed Gryphon Digital Mining (GRYP). According to the terms of the agreement, American Bitcoin will go public through a merger transaction with Gryphon Digital Mining, which is expected to be completed in the third quarter of 2025.

Matters Related to the Merger

The announcement stated that after the completion of the transaction, the merged company will operate under the American Bitcoin brand, with board leadership members 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 pointed out that the company will continue 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. At the same time, 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 allowing American Bitcoin to go public, we expect to unlock dedicated growth capital independent of Hut 8's balance sheet, while retaining long-term Bitcoin upside potential for our shareholders. This move will also accelerate the scaling of American Bitcoin and strengthen its leadership position in the construction of Bitcoin infrastructure in the United States."

What company is American Bitcoin?

American Bitcoin is a Bitcoin mining and reserve company founded in March 2025, headquartered in the United States, co-founded by Hut 8 and American Data Centers. Hut 8 provides approximately 61,000 ASIC miners and holds 80% of the equity, while American Data Centers holds the remaining 20%.

It is worth noting that American Bitcoin has close ties to the Trump family. American Data Centers was 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 plans for public listing.

Gryphon Digital Mining is a smaller Bitcoin mining company focused on sustainable mining technologies. This merger is seen as a reverse takeover, with Gryphon serving as the publicly listed corporate vehicle, providing American Bitcoin with a quick route to enter the capital markets.

Gryphon Digital Mining stock price surges

Affected by the merger news, Gryphon Digital Mining's stock price soared by about 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 5 days.

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