Trump's Son's Bitcoin Mining Company American Bitcoin to Go Public via SPAC, Gryphon Mining Stock Price Soars 330%

Original Title: "Trump's Son American Bitcoin Mining Enterprise Hut 8 to Go Public through SPAC Merger, Gryphon Mining Stock Price Soars 330%"

Original Author: Joe, BlockTempo

U.S.-listed Bitcoin mining company Hut 8 (HUT) announced on May 12 that its subsidiary, American Bitcoin Corp., has signed a definitive merger agreement with Nasdaq-listed company Gryphon Digital Mining (GRYP). According to the agreement, American Bitcoin will achieve a public listing through a merger transaction with Gryphon Digital Mining, expected to be completed in the third quarter of 2025.

Post-Merger Details

The announcement states that following the completion of this transaction, the merged entity will operate under the American Bitcoin brand. The board leadership will include Mike Ho (Chairman), Asher Genoot (CEO of Hut 8), Justin Mateen (Tinder Co-founder), and Michael Broukhim (FabFitFun Co-founder). The management team will consist of Mike Ho, Matt Prusak (CEO), and Eric Trump (Chief Strategy Officer). The merged company is expected to trade on Nasdaq under the stock symbol ABTC.

Hut 8 further noted that the company will continue to serve as the exclusive infrastructure and operational partner for American Bitcoin, providing mining equipment and data center support through a series of long-term commercial agreements. Additionally, existing American Bitcoin shareholders will hold approximately 98% of the merged company.

In response, Hut 8 CEO Asher Genoot commented:

"By taking American Bitcoin public, we expect to unlock dedicated growth capital separate from Hut 8's balance sheet, while retaining long-term Bitcoin upside potential for our shareholders. This move will also accelerate American Bitcoin's scale expansion and strengthen its leadership position in building Bitcoin infrastructure in the U.S."

What Is American Bitcoin?

American Bitcoin is a Bitcoin mining and reserve company established in March 2025, headquartered in the United States, founded by Hut 8 and American Data Centers. Hut 8 provides around 61,000 ASIC miners and holds 80% of the shares, while American Data Centers holds the remaining 20%.

It is worth noting that American Bitcoin has close ties to the Trump family. American Data Centers was founded in February 2025 by investors including Eric Trump and Donald Trump Jr., who hold 20% of American Bitcoin through the company. Eric Trump is not only a co-founder of American Bitcoin but also serves as the Chief Strategic Officer, responsible for shaping the company's strategy and driving its plans for an initial public offering.

Gryphon Digital Mining is a smaller-scale Bitcoin mining company that focuses on sustainable mining technology. This merger is seen as a reverse merger, with Gryphon serving as the public listing vehicle, providing American Bitcoin with a quick path to the capital market.

Gryphon Digital Mining Stock Price Surges

Impacted by the merger news, Gryphon Digital Mining's stock price surged by about 280% in pre-market trading on May 12. As of the time of writing, GRYP has risen from $0.52 on May 9 to $1.42, a nearly 330% increase over the past 5 days.

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