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Trump-Linked American Bitcoin Mining Firm Going Public
By: bitcoin ethereum news|2025/05/14 09:00:14
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In brief Hut 8 subsidiary American Bitcoin is going public via merger with Gryphon Digital Mining. President Donald Trump’s son Eric Trump will serve as chief strategy officer. Shares of Gryphon and Hut 8 both finished up on the day. American Bitcoin, a majority-owned subsidiary of Bitcoin mining company Hut 8 with connections to Eric Trump, plans to go public via a merger with publicly traded Gryphon Digital Mining. The transaction, which is expected to close as early as Q3, is a 100% stock-for-stock merger in which the existing stockholders of American Bitcoin are expected to own around 98% of the merger company. “This transaction marks the next step in scaling American Bitcoin as a purpose-built vehicle for low-cost Bitcoin accumulation at scale,” said Hut 8 CEO Asher Genoot in a statement. “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.” The company will operate under the American Bitcoin brand, but lean on Hut 8 for infrastructure and operations as it aims to build “America’s Bitcoin infrastructure backbone.” In doing so, it lists three core objectives for the planned merger company: mine Bitcoin efficiently, lead the Bitcoin ecosystem, and build a Bitcoin reserve. “Bitcoin lacks clear U.S. leadership and ecosystem cohesion, creating an opportunity to unify and lead,” a merger presentation on the American Bitcoin website reads. “ABTC will leverage its unique operational power and trusted brand reach to cut through the market’s complexity and deliver simplified, reliable Bitcoin access for Americans.” Eric Trump, son of President Donald Trump, will serve as the co-founder and chief strategy officer of American Bitcoin. Genoot will serve as a board member, alongside Executive Chairman Mike Ho and CEO Matt Prusak. “Very proud of this project and the incredibly talented group of friends that are involved!,” posted Trump on X (formerly known as Twitter). The endeavor is the latest with ties to the Trump family in crypto, following the launch of World Liberty Financial, Trump Media’s crypto ETF push , and the President and First Lady’s meme coin launches on the Solana blockchain . Trump Media also recently unveiled it is considering introducing a token for its Truth ecosystem which includes Truth Social and Truth+, a video-streaming platform. Shares of Gryphon Digital Mining (GRYP) were up more than 173% on the day to $1.42 while Hut 8 has bounced 11.74% as indices rose amid improving tariff news . Bitcoin recently fell 2.1% in the last 24 hours to trade just above $102,000. Edited by James Rubin Daily Debrief Newsletter Start every day with the top news stories right now, plus original features, a podcast, videos and more. Source: https://decrypt.co/319105/trump-linked-american-bitcoin-mining-firm-going-public
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