American Bitcoin, BTC Miner Backed by Eric and Donald Trump Jr, to Go Public

American Bitcoin, Hut 8’s majority-owned unit backed by the Trump family, will go public via a merger with Gryphon Digital Mining (GRYP).

Shares of Hut 8 Corp. (HUT) jumped 12% in pre-market trading, while Gryphon Digital Mining (GRYP) soared more than 200%, following the news.

American Data Center, which was owned by Eric Trump and Donald Trump Jr, merged their firm with American Bitcoin in March. The Trump brothers own 20% of American Bitcoin, while Hut 8 holds the remaining 80%.

The stock-for-stock transaction will result in Gryphon acquiring American Bitcoin, with the combined company adopting the American Bitcoin name and trading on Nasdaq under the ticker “ABTC.”

The merger is expected to close as early as Q3 2025. American Bitcoin will retain its current leadership and board, including CEO Mike Ho, and remain focused on scaling low-cost bitcoin (BTC) accumulation.

“This transaction marks the next step in scaling American Bitcoin as a purpose-built vehicle for low-cost Bitcoin accumulation at scale,” said Asher Genoot, CEO of Hut 8. “By taking American Bitcoin public, we expect to unlock direct access to dedicated growth capital independent of Hut 8’s balance sheet.”

After the merger, existing shareholders of American Bitcoin are expected to own roughly 98% of the new company. Hut 8 will maintain majority ownership and serve as the exclusive infrastructure and operations partner.