Trump-Backed Mining Firm American Bitcoin to Debut on Public Markets

American Bitcoin, a Bitcoin (BTC) mining firm co-owned by Hut 8 Corp. and American Data Centers, is set to debut on the public markets.

A new chapter begins.

Read the full release for important information: https://t.co/wAjHvV7kUD pic.twitter.com/hHrgGbCRsh

— American Bitcoin (@AmericanBTC) May 12, 2025

As part of its public offering, American Bitcoin has entered into a definitive merger agreement with Gryphon Digital Mining, Inc. Pending regulatory and shareholder approval, this stock-for-stock deal is expected to close by Q3 2025.

The Merger

American Bitcoin was founded in March through a collaboration between Hut 8 and American Data Centers, backed by Eric Trump and Donald Trump Jr. Hut 8 controls 80% of American Bitcoin, while the Trump brothers hold the remaining 20%.

Once the merger concludes, American Bitcoin stakeholders will hold approximately 98% of the combined entity. Gryphon shareholders will retain the remaining 2%. The merged company will operate under the American Bitcoin name and list on Nasdaq under the ticker “ABTC.”

Notably, the news caused significant movements in the stock market. Hut 8 (HUT) shares rose 12% during pre-market trading. On the other hand, Gryphon Digital Mining (GRYP) saw a notable 200% increase shortly after the announcement.

IPO to Fuel American Bitcoin’s Growth

Commenting on the deal, Hut 8 CEO Asher Genoot emphasized that it is a significant step. He noted that it will help transform the Bitcoin mining company into a large-scale, cost-efficient platform for Bitcoin accumulation.

Genoot further highlighted that the IPO would enable American Bitcoin to raise capital directly, reducing its reliance on Hut 8’s financial backing. He also emphasized that the company’s stakeholders would continue to benefit from Bitcoin’s long-term growth prospects.

Additionally, the management team at the Bitcoin mining facility will remain unchanged after the merger. Mike Ho will continue as executive chairman, Matt Prusak as CEO, and Eric Trump will assume the role of Chief Strategy Officer. Genoot, along with Tinder co-founder Justin Mateen and FabFitFun co-founder Michael Broukhim, will continue to serve on the board.

In a related development, USD1, a stablecoin associated with the Trump family, has risen to become the seventh-largest stablecoin globally, as reported by CoinTab on May 5. The growth follows a substantial $2 billion deal with MGX, a crypto company backed by Abu Dhabi’s sovereign wealth fund.

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