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American Bitcoin, a majority-owned subsidiary of Hut 8, is going public via a merger with Gryphon Digital Mining. This stock-for-stock transaction will see Gryphon Digital Mining acquire American Bitcoin, resulting in a new company operating under the American Bitcoin brand and led by its existing board, which notably includes Eric Trump.
The merger announcement significantly boosted Gryphon Digital Mining’s stock price, soaring over 313% in a matter of days. This follows earlier reports of American Bitcoin considering an initial public offering (IPO). The strategic move, according to Hut 8 CEO Asher Genoot, aims to provide American Bitcoin with dedicated growth capital independent of Hut 8’s balance sheet, while simultaneously maintaining long-term Bitcoin exposure for Hut 8 shareholders.
Post-merger, existing American Bitcoin shareholders will retain approximately 98% ownership of the newly formed entity, effectively controlling the majority of outstanding stock. Hut 8 will continue to oversee American Bitcoin’s infrastructure and operations through long-term commercial agreements, securing stable revenue streams for its power and digital infrastructure divisions.
American Bitcoin, formerly American Data Center, was founded by investors including Donald Trump Jr. and Eric Trump. Hut 8 acquired a majority stake in March, transferring its Bitcoin mining hardware to the newly named entity. The company’s stated goal is to become the world’s most efficient, large-scale Bitcoin mining operation, concurrently building a substantial Bitcoin reserve. This ambition, coupled with the merger’s positive market impact, positions American Bitcoin for significant growth in the public sphere. The involvement of the Trump family adds another layer of interest to this rapidly developing story within the cryptocurrency and energy sectors. The deal highlights the growing intersection of traditional finance, cryptocurrency mining, and the strategic investments of high-profile individuals.
