American Bitcoin, a joint venture between Bitcoin miner Hut 8 Corp. and Trump-affiliated American Data Centers, is set to go public through a definitive merger agreement with Gryphon Digital Mining, Inc. The all-stock transaction, announced Monday, is anticipated to close as early as the third quarter of 2025, pending shareholder and regulatory approvals.
Under the terms of the merger, American Bitcoin shareholders will hold approximately 98% of the combined entity, with Gryphon shareholders owning the remaining 2%. The newly formed company is expected to operate under the American Bitcoin brand and trade on Nasdaq under the ticker symbol “ABTC.”
“This transaction marks the next step in scaling American Bitcoin as a purpose-built vehicle for low-cost Bitcoin accumulation at scale,” stated Asher Genoot, CEO of Hut 8.
American Bitcoin was unveiled in March of this year, a strategic partnership between Hut 8 and American Data Centers, which lists Eric Trump and Donald Trump Jr. among its investors. Genoot had previously indicated plans to transition the Trump-backed Bitcoin mining operation into a public company on April 1.
Genoot further elaborated, “By taking American Bitcoin public, we expect to unlock direct access to dedicated growth capital independent of Hut 8’s balance sheet, while preserving long-term exposure to Bitcoin upside for our shareholders.” Following the news, Hut 8 shares saw a 12% increase in pre-market trading, according to Yahoo Finance.
The leadership team at American Bitcoin will remain unchanged, with Mike Ho as executive chairman, Matt Prusak as CEO, and Eric Trump as Chief Strategy Officer. Hut 8 CEO Asher Genoot, Tinder co-founder Justin Mateen, and FabFitFun co-founder Michael Broukhim will also retain their board positions post-merger.
