Trump-tied firm ventures into public sphere with mining enterprise.
American Bitcoin, the Bitcoin mining firm with ties to the Trump family, is set to go public through a merger with Gryphon Digital Mining. This merger, announced in a press release, is expected to finalize in the third quarter of 2025, according to the latest updates.
The creation of American Bitcoin was announced at the end of March involving Canadian miner Hut 8 and a group of investors led by Donald Trump's sons, Eric and Donald Jr. The company aims to become the largest Bitcoin miner, ultimately forming a crypto reserve.
In the deal, investors in American Data Centers exchanged nearly all of Hut 8's mining equipment for 80% of its shares, making the company American Bitcoin. Hut 8 remains the exclusive operator. After the merger, American Bitcoin shareholders will own approximately 98% of the combined company's shares, with Gryphon shareholders owning the remaining 2%. The miner will operate under the American Bitcoin brand and trade on NASDAQ under the ticker ABTC.
"We expect to gain direct access to targeted capital for growth, independent of Hut 8's balance sheet, and maintain long-term Bitcoin growth prospects for our shareholders by taking American Bitcoin public," said Hut 8 CEO Asher Genut.
Interestingly, it has been reported that Nakamoto Holdings, founded by David Bailey, the head of BTC Inc., which owns Bitcoin Magazine and organizes the largest crypto conferences in the U.S., will merge with American medical company KindlyMD to form a public "Bitcoin treasury." The project seeks to accumulate bitcoins and issue investment instruments backed by them (equities, debt securities) to make Bitcoin the center of global capital markets.
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After the announcement, Hut 8 shares surged by 12% on the NASDAQ pre-market, according to TradingView. Over the past month, HUT shares have climbed by 27%.
The management of American Bitcoin remains unchanged, with Executive Director Mike Ho, CEO Matt Prusak, and Strategy Director Eric Trump leading the company. After the merger, Hut 8 CEO Asher Genut, Tinder co-founder Justin Mateen, and FabFitFun co-founder Michael Brown will retain their seats on the board of directors.
Keep an eye out for more updates on this developing story!
The technology integrated into American Bitcoin's mining operations is anticipated to promote enhanced Bitcoin mining efficiency. The merger with Gryphon Digital Mining, expected in Q3 2025, also poses opportunities for technology advancements within the combined company.
