Bitcoin News Today: Trump-Backed Merger Fuels 231% Gryphon Surge as Bitcoin Push Gains Momentum

Gryphon Digital Mining’s shares surged 231% since May, driven by anticipation of its merger with American Bitcoin , a crypto mining firm backed by Donald Trump’s sons and Hut 8 . The merger, expected to finalize soon and begin trading on the Nasdaq under the ticker ABTC by early September, is structured as an all-stock deal. The combined entity will retain the American Bitcoin name, with Hut 8, American Bitcoin, and their team holding 98% of the new company, while Gemini co-founders Cameron and Tyler Winklevoss are listed as anchor investors. Asher Genoot, CEO of Hut 8, emphasized that the merger offers strategic advantages in financing, allowing the firm to leverage existing relationships more efficiently than a traditional IPO would permit [1].

The rally in Gryphon’s stock price occurred as American Bitcoin’s largest shareholder, Genoot, confirmed the merger was nearing completion during a Reuters interview. Gryphon’s shares rose 42.1% to $1.75 on Thursday alone, reflecting the market’s confidence in the deal. The new entity aims to become “the world’s largest, most efficient pure-play bitcoin miner” by combining mining operations with treasury purchases. Hut 8 has already announced a 1.53 gigawatt (GW) data center development pipeline across four U.S. locations, supporting American Bitcoin’s expansion. Genoot also indicated the firm could pursue overseas investments to broaden access for investors who cannot directly trade on the Nasdaq [3].

The merger coincides with a broader wave of crypto companies going public in the U.S., a trend bolstered by evolving regulatory policies. In 2025, firms like Circle and Bullish launched with significant stock price gains, and others, including Gemini and Kraken, are rumored to be preparing IPOs. This momentum aligns with a shift in digital asset policy, highlighted by President Donald Trump’s executive order in March 2025 establishing a national strategic Bitcoin reserve and the passage of the GENIUS Act in July, which regulates stablecoins. These policy changes have contributed to increased investor interest in crypto-related equities [1].

American Bitcoin, launched in March 2025, has been quietly building a Bitcoin treasury through both mining and purchases. It also has plans to expand by acquiring a company in Asia to grow its BTC reserves. The firm’s financial backing includes prominent crypto and traditional investors, and its leadership includes Eric Trump and Donald Trump, Jr., who have been vocal about their vision for a decentralized financial system. Trump family members have faced scrutiny over conflicts of interest given their involvement in the crypto industry while in government roles, but Genoot has asserted that American Bitcoin’s operations are separate from government influence [5].

Hut 8, as the parent company of American Bitcoin, continues to expand its infrastructure, with Hut 8 announcing four new U.S. data center projects totaling 1.53 gigawatts (GW) of capacity. These projects span Louisiana, Texas, and Illinois, and are part of a larger 10.6 GW development pipeline. Genoot emphasized that the expansion supports Hut 8’s growth into a global energy and digital infrastructure platform. The company also reported strong second-quarter 2025 financial results, including $41.3 million in revenue, $137.5 million in net income, and $221.2 million in Adjusted EBITDA [6].

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