Key Takeaways
- American Bitcoin is merging with Gryphon Digital Mining in a bid to unlock market access.
- Hut 8 will maintain a majority stake and remain the exclusive infrastructure partner for American Bitcoin.
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American Bitcoin, a newly established Bitcoin mining entity backed by Bitcoin miner Hut 8 and Trump-led American Data Centers, will go public through a stock-for-stock merger with Nasdaq-listed Gryphon Digital Mining, according to a Monday announcement from Hut 8.
The merger is expected to close as early as Q3 2025, subject to customary approvals. Post-merger, the combined entity will operate under the American Bitcoin brand and trade on Nasdaq under the ticker “ABTC.”
The move is designed to accelerate American Bitcoin’s scale and positioning as a low-cost vehicle for Bitcoin accumulation and infrastructure development in the US. Through this merger, Hut 8 aims to unlock new growth capital independent of its own balance sheet while maintaining exposure to long-term upside in the Bitcoin market.
“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, in a statement.
“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,” he added.
The merged company will be led by American Bitcoin’s existing board of directors, including Mike Ho, Asher Genoot, Justin Mateen, and Michael Broukhim, with Eric Trump joining the management team.
Existing American Bitcoin stockholders are expected to retain approximately 98% ownership of the combined company. Hut 8 will maintain a majority stake in the combined company’s issued and outstanding capital stock after the merger.
Hut 8 will retain a long-term role as American Bitcoin’s exclusive infrastructure and operations partner. This relationship, secured through extended commercial agreements, is expected to generate steady revenue for Hut 8’s Power and Digital Infrastructure divisions.
Hut 8 announced the formation of American Bitcoin in late March through a strategic, cashless merger with American Data Centers (ADC), an AI infrastructure firm founded by Dominari Holdings in collaboration with Eric Trump and Donald Trump Jr.
As part of the agreement, Hut 8 retains an 80% ownership stake, while the Trump-affiliated ADC holds the remaining 20%.
According to data tracked by Bitcoin Treasuries, Hut 8 currently holds 10,273 Bitcoin, worth around $841 million. This constitutes nearly 0.05% of the total Bitcoin supply and ranks the company as the sixth-largest public corporate holder of Bitcoin.
Reverse mergers and SPAC-like structures are increasingly popular among Bitcoin-centric entities looking to scale quickly and access the capital markets.
Last week, Strive Asset Management, backed by Vivek Ramaswamy, announced a merger with Asset Entities to form a public Bitcoin treasury vehicle aiming to raise up to $1 billion.
BTC Inc. CEO David Bailey launched Nakamoto, a $300 million Bitcoin investment firm, with plans to go public via a Nasdaq merger by summer.
These developments follow the launch of Twenty One, a Bitcoin-native financial firm led by Jack Mallers, backed by Cantor Fitzgerald, Tether, and SoftBank, with ambitions to accumulate more than 42,000 BTC.
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