Trump family’s Bitcoin mining unit to go public in Gryphon deal

American Bitcoin Corp, which is majority owned by Hut 8 Corp and partly backed by Eric Trump and Donald Trump Jr, will be acquired by Gryphon in an all stock merger transaction, Hut 8 said in a statement Monday.

A Bitcoin-focused venture tied to the Trump family is to go public as part of a merger agreement with Gryphon Digital Mining.

American Bitcoin Corp, which is majority owned by Hut 8 Corp and partly backed by Eric Trump and Donald Trump Jr, will be acquired by Gryphon in an all stock merger transaction, Hut 8 said in a statement Monday. Shares of Gryphon shot up around 280% to $2.04 in premarket trading

Launched in March, American Bitcoin is focused exclusively on Bitcoin mining and strategic Bitcoin reserve development. The company was formerly known as American Data Centers Inc, an entity formed by a group of investors including the Trump sons.

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The newly combined company will operate under the American Bitcoin brand and is expected to trade on Nasdaq under the ticker symbol “ABTC,” the statement said. The transaction is expected to close as early as the third quarter this year.

American Bitcoin’s existing stockholders are expected to own approximately 98% of the combined company. It will be led by American Bitcoin’s board of directors and management team, including Eric Trump, who is the firm’s chief strategy officer.

“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, chief executive officer of Hut 8. “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.”

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