Lucía Peña
In a bold move to expand its presence in the digital asset sector, American Bitcoin — a joint venture between Hut 8 Corp. and the Trump-affiliated American Data Centers — has revealed plans to go public through a merger with Gryphon Digital Mining, Inc.
The stock-for-stock deal, unveiled Monday, is projected to finalize by the third quarter of 2025, subject to regulatory and shareholder approvals. Once completed, the new entity will operate under the American Bitcoin brand and trade on the Nasdaq under the ticker ABTC, according to the official announcement.
Majority Stake to American Bitcoin Shareholders
The terms of the agreement will grant approximately 98% ownership to American Bitcoin shareholders, while Gryphon investors will retain the remaining 2%. This structure underscores the dominant role of American Bitcoin in the combined organization.
“This merger represents a pivotal milestone in our plan to scale Bitcoin accumulation at minimal cost,” commented Asher Genoot, CEO of Hut 8.
Strategic Backing From Trump Family and Tech Founders
Launched in March 2025, American Bitcoin was formed through a strategic alliance between Hut 8 and American Data Centers, an entity backed by Eric Trump and Donald Trump Jr. The vision to bring the Trump-supported mining firm public was first outlined by Genoot on April 1.
“Taking American Bitcoin to the public markets allows us to access dedicated capital for expansion, independent of Hut 8’s financials, while still giving shareholders exposure to long-term Bitcoin growth,” Genoot added.
Following the news, Hut 8 shares rose 12% in pre-market trading, according to Yahoo Finance.
Leadership and Board to Remain Intact
Post-merger, the current executive team will remain in place. This includes Mike Ho as Executive Chairman, Matt Prusak as CEO, and Eric Trump as Chief Strategy Officer. Board members such as Asher Genoot, Tinder co-founder Justin Mateen, and FabFitFun co-founder Michael Broukhim will also retain their seats.
