Bitcoin mining firm American Bitcoin is going public through a merger with crypto mining company Gryphon Digital Mining, the companies announced on May 12.
Under the terms of the deal, Gryphon Digital Mining will acquire American Bitcoin in a stock-for-stock transaction. After the merger, the new company will operate under the American Bitcoin brand and be led by its board of directors, which includes Eric Trump, the second-eldest of US President Donald Trumpโs three sons.
News of the merger coincided with a sharp rise in Gryphon Digital Miningโs stock price, which climbed from $0.52 on May 9 to $2.15 at the time of writing, a gain of more than 313%, according to Google Finance.
The announcement follows early April reports that American Bitcoin was considering an initial public offering (IPO).
American Bitcoin is a majority-owned subsidiary of energy infrastructure, crypto mining, and data center firm Hut 8. Hut 8 CEO Asher Genoot said the company aims to make American Bitcoin โa purpose-built vehicle for low-cost Bitcoin accumulation at scale.โ He added:
โBy taking American Bitcoin public, we expect to unlock direct access to dedicated growth capital independent of Hut 8โs balance sheet, while preserving long-term exposure to Bitcoin upside for our shareholders.โ
Related: Top Bitcoin miners produced nearly $800M of BTC in Q1 2025
Shareholders and post-merger structure
According to the announcement, existing American Bitcoin shareholders will own roughly 98% of the newly formed company. Following the transaction, the new company will control most of the outstanding stock.
Hut 8 will continue to manage American Bitcoinโs infrastructure and operations through long-term commercial agreements. Those deals are expected, according to the announcement, to generate stable, contracted revenue streams for Hut 8โs power and digital infrastructure segments.
Related: Bitcoin miner Hut 8 grows hashrate 79% despite $134M quarterly loss
What is American Bitcoin?
Hut 8 acquired a majority stake in American Bitcoin when it was unveiled at the end of March, with backing fromย several members of Trump’s family. The company, formerly known as American Data Center, was founded by a group of investors, including Trump sons Donald Trump Jr. and Eric Trump.
Following the deal, American Bitcoin took ownership of Hut 8โs Bitcoin mining hardware. The announcement at the time explained that the new firm โaims to become the worldโs largest, most efficient pure-play Bitcoin miner while building a robust strategic Bitcoin reserve.โ
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