tl;dr
American Bitcoin, a Bitcoin mining firm backed by President Trump’s family and a subsidiary of Hut 8, plans to go public through a merger with Gryphon Digital Mining. The merger will result in the combined company retaining the American Bitcoin name and trading under the ticker ABTC. Eric Trump will...
American Bitcoin, a Trump-backed Bitcoin mining firm and Hut 8 subsidiary, is preparing to go public through a merger with Gryphon Digital Mining, although the deal's specifics remain vague. Eric and Don Jr. Trump have expanded their crypto portfolio by launching American Bitcoin in partnership with Hut 8 and are now pushing for a public listing through this merger.
The leadership of the newly merged entity will be dominated by executives from American Bitcoin, most of whom have strong ties to Hut 8. Hut 8 will retain control over mining infrastructure and daily operations. Despite recent financial setbacks and falling miner profits experienced by Hut 8, the merger is intended to position American Bitcoin as a low-cost Bitcoin accumulator with access to fresh growth capital.
Following the merger announcement, Gryphon Digital Mining's stock price skyrocketed by over 200%, though it remains unclear what tangible assets or operations Gryphon is contributing, leading to skepticism among the crypto community. The combined company will keep the American Bitcoin name and will trade under the ticker symbol ABTC. Eric Trump is slated to join the management team, with Hut 8 maintaining an 80% ownership stake in American Bitcoin and nearly 98% of the new firm's shares allocated to existing shareholders.
Hut 8 has recently reported massive losses, including a 58.1% revenue decline and a net loss of $134 million in Q1 2025, yet the CEO describes this phase as a strategic investment period. The Trump family's involvement highlights their expansion into diversified crypto ventures, ranging from meme coins to GameFi and beyond. The merger is expected to close in Q3 2025, but many operational details remain undisclosed, fueling debate and uncertainty in the market.