- Gryphon stock rose 200% following the merger with Trump-backed American Bitcoin.
- American Bitcoin to debut on Nasdaq under ticker “ABTC” by Q3 2025 after merger.
- Hut 8 maintains majority ownership in American Bitcoin post-merger with Gryphon.
American Bitcoin, a venture that specializes in Bitcoin and is partially backed by Eric Trump and Donald Trump Jr., will go public after a merger with Gryphon Digital Mining. The deal, announced on May 12, will involve Gryphon acquiring American Bitcoin in an all-stock deal.
The new entity, expected to be called American Bitcoin, will list on Nasdaq under the ticker symbol “ABTC” by the third quarter of 2025. Shares of Gryphon Digital Mining surged by over 200% following the announcement, reaching $2.85, while Hut 8, which holds a majority stake in the company, saw a 12% increase in its stock price.
American Bitcoin, formed in March from the merger of American Data Centers and the Trump brothers’ investments, will retain control by its current leadership, including Eric Trump.
Strategic Bitcoin Accumulation Plan
Launched earlier this year, American Bitcoin aims to build a large reserve and focus on low-cost mining operations. The company will follow a similar strategy to Michael Saylor’s firm, MicroStrategy, which holds large quantities of Bitcoin on its balance sheet. The venture, which was previously known as American Data Centers, intends to become one of the largest and most efficient Bitcoin miners globally.
Owning 80% of American Bitcoin, Hut 8 Corp will continue to oversee the company’s infrastructure. Hut 8 CEO Asher Genoot pointed out the potential to access independent capital, allowing the company to scale independent Bitcoin accumulation without using Hut 8’s financial resources. After the merger, American Bitcoin shareholders will hold nearly 98% of the new publicly held company.
Political Implications and Industry Impact
This merger occurred when Bitcoin mining became a highly controversial industry. U.S. miners, particularly those based in states with low electricity costs, have benefited from Beijing’s crackdown on crypto mining. Nevertheless, the industry has received considerable criticism from environmentalists and political leaders regarding energy consumption and environmental issues.
With the collaboration with Hut 8 and the expansion of the decentralized finance platform the Trump family’s increased interest in the cryptocurrency sphere has gained keen interest and criticism. Recently, Senate Democrats stalled a stablecoin bill supported by the digital-asset industry, following disapproval orchestrated by conflict of interest questions. Nevertheless, the company’s transition into a publicly traded company indicates the crypto industry’s rising dominance on the U.S. financial landscape.
Bitcoin (BTC) has found support above the $100,000 level and recovered to $101,706, standing strong despite price fluctuations. However, historical price metrics indicate that profit-taking may emerge above $105,000 as a massive supply becomes profitable.
Although more than 97% of the BTC supply is in profit, selling pressure might appear as whales capitalize on this rally. With BTC trading at critical, fear and greed levels, the index shows an increase in optimism, suggesting that a peak is near.
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