American Bitcoin, the majority unit of Hut 8 supported by the Trump family, will be public via a merger with Gryphon Digital Mining (GRYP).
Hut 8 corp actions. (Hut) jumped 12% in trading before the market, while Gryphon Digital Mining (GRYP) climbed more than 200%, after the news.
American Data Center, who belonged to Eric Trump and Donald Trump Jr, merged their business with American Bitcoin in March. The Trump brothers hold 20% of American Bitcoin, while Hut 8 holds the remaining 80%.
The Stock-Pour Storage Transaction will lead to an acquisition of American Bitcoin from Gryphon, the combined company adopting the name of American Bitcoin and merchant on Nasdaq under the Ticker “ABTC”.
The merger is expected to close in the 3rd row 2025. American Bitcoin will keep its current leadership and board of directors, including CEO Mike Ho, and will remain focused on scaling up the low cost Bitcoin (BTC).
“This transaction marks the next step in scaling American Bitcoin as a vehicle specially designed for low -cost bitcoin accumulation,” said Asher Genoot, CEO of Hut 8. “By taking public American Bitcoin, we expect to unlock direct access to a dedicated growth capital independent of Hut 8.”
After the merger, existing shareholders of American Bitcoin should hold around 98% of the new company. Hut 8 will maintain the majority property and serve as an exclusive partner in infrastructure and operations.
