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A high-powered merger is catapulting American Bitcoin into the public spotlight as it fast-tracks a Nasdaq debut, unleashing massive momentum for institutional-scale mining.
Eric Trump-Backed Bitcoin Giant Fast-Tracks IPO Via Gryphon Takeover Deal
American Bitcoin Corp., a firm backed by Hut 8 Corp. and Eric Trump, is set to become a publicly listed entity through a merger with Gryphon Digital Mining Inc. (Nasdaq: GRYP), the companies announced Monday. The deal, structured as a stock-for-stock transaction, will result in the combined company operating under the American Bitcoin name. As stated in the joint release:
Upon closing, the combined company will operate under the American Bitcoin brand, led by the management and board of directors of American Bitcoin. The combined company is expected to trade on Nasdaq under the ticker symbol ‘ABTC.’
Gryphon will effectively hand over leadership of the new entity to American Bitcoin’s executive team as part of the arrangement. Gryphon CEO Steve Gutterman described the transaction as a pivotal moment for shareholders, calling it “the next era of public bitcoin mining.” The deal will leave Gryphon stockholders with approximately 2% ownership of the merged company, while American Bitcoin stockholders will hold the remaining 98%.
The merger is expected to finalize in the third quarter of 2025, subject to shareholder approval and other regulatory conditions. American Bitcoin, launched earlier this year, is described in the announcement as “purpose-built to enable bitcoin accumulation at scale through low-cost bitcoin mining and other complementary strategies.”
Asher Genoot, board member of American Bitcoin and CEO of Hut 8, highlighted the urgency and strategic intent behind the merger: “Taking American Bitcoin public is a critical step toward scaling the business at the pace and magnitude we envision.” The executive added:
Time-to-market was a critical factor, and this transaction enables an efficient path to public markets by combining with an entity that is structurally aligned with American Bitcoin’s mining-focused launch strategy.
The companies acknowledged a variety of risks ahead, including market dynamics, the need for regulatory approvals, and the challenge of integrating operations, but remain focused on executing what they view as a significant leap forward in institutional-scale bitcoin mining.