Key Highlights:
- Gryphon shares surge by 200% in pre-market trading, and Hut 8’s stock rises by 12% after the announcement.
- The new entity will be listed as “ABTC” on Nasdaq, with Hut 8 keeping a controlling stake and arranging long-term infrastructure agreements.
Among important developments in the crypto sector, American Bitcoin, a subsidiary primarily owned by the Trump family, is poised to go public through a merger with Gryphon Digital Mining. The announcement led to Hut 8 Corp’s (HUT) stock rising by 12% in pre-market hours, while Gryphon Digital Mining (GRYP) saw an impressive increase of over 200% following the news.
American Bitcoin is set to take on Gryphon’s name and will begin trading on Nasdaq under the ticker “ABTC”. The merger is anticipated to be finalized by the third quarter of 2025, retaining the existing leadership team of American Bitcoin, which includes CEO Mike Ho, focusing on cost-efficient Bitcoin accumulation.
Regarding the merger, Asher Genoot, CEO of Hut 8, stated: “This transaction marks the next step in scaling American Bitcoin as a purpose-built vehicle for low-cost Bitcoin accumulation at scale. By taking American Bitcoin public, we expect to unlock direct access to dedicated growth capital independent of Hut 8’s balance sheet.”
Post-merger, current shareholders of American Bitcoin would hold around 98% of the new company, with Hut 8 retaining majority control and acting as the exclusive infrastructure partner.
