Eric Trump-Backed Bitcoin Miner to Go Public via Gryphon Merger
Bitcoin mining company American Bitcoin is set to go public through a strategic stock-for-stock merger with Gryphon Digital Mining, the firms announced on May 12. The combined entity will continue operations under the American Bitcoin name and will be governed by a board that notably includes Eric Trump, son of former U.S. President Donald Trump.
The merger represents a major step for American Bitcoin, which had reportedly been considering an IPO since early April. Rather than pursuing a traditional listing, the firm has opted to merge with publicly traded Gryphon Digital, allowing it faster access to the markets.
The market reacted quickly. Gryphon’s share price soared from $0.52 on May 9 to $2.15 by the time of the announcement, marking a 313% increase according to Google Finance.
Post-merger, existing American Bitcoin shareholders will retain around 98% ownership in the new entity, giving them significant control. Meanwhile, Gryphon shareholders will hold the remaining shares.
Hut 8, which holds a majority stake in American Bitcoin, will remain deeply involved. The infrastructure and operations of the newly merged company will continue to be managed by Hut 8 under long-term agreements that are expected to deliver reliable revenue for its energy and digital infrastructure business units.
The origin of American Bitcoin traces back to late March when it was launched as a rebranded version of American Data Center. Backed by prominent investors, including Donald Trump Jr. and Eric Trump, the firm acquired mining equipment and infrastructure from Hut 8 and set ambitious goals: to lead the industry in efficient Bitcoin mining and amass a sizable Bitcoin reserve.
Asher Genoot, CEO of Hut 8, emphasized the strategy: “By taking American Bitcoin public, we aim to give it access to growth capital while maintaining long-term Bitcoin exposure for Hut 8’s shareholders.”
With political connections and bold ambitions, American Bitcoin is positioning itself as a major player in the post-halving mining landscape.