American Bitcoin, a majority-owned subsidiary of Hat8 and associated with the Trump family, is set to become a public entity through its merger with Gryphon Digital Mining.
Stock trading in stock will result in American Bitcoin taking over Griffon’s public list. The Total Company is scheduled to trade NASDAQ under the ticker “ABTC” in the third quarter of 2025.
According to a statement issued by HUT 8, the transaction structure allows US Bitcoin shareholders to maintain approximately 98% of the merged companies.
Already managing a majority stake in US Bitcoin, HUT 8 will continue to hold useful ownership while shifting its operational focus towards providing infrastructure services through long-term agreements. Gryphon, a microcap bitcoin miner currently listed on Nasdaq, will serve as the corporate vehicle for American Bitcoin’s public debut.
The new entity’s board will consist of Mike Haw, Asher Genfoot, Justin Maten and Michael Brue Kim, with Ho, Matt Prusac and Eric Trump making up the executive team.
Eric Trump, who has prominently promoted the vision of America’s Bitcoin, remains as Chief Strategy Officer. The company aims to establish itself as a national Bitcoin Reserve Builder and Brand Forward Minor with a lighter capital operating model.
Donald Trump Jr. is also involved in the company as he was born from American Data Centers Inc., founded by President Donald Trump’s two sons. The original launch statement reads,
“Bitcoin in the US follows virtually all of Hut 8’s strategic contributions in exchange for the interest of the majority of American Data Centers, Inc., a company formed by a group of investors including Eric Trump and Donald Trump Jr.
In relation to the transaction, American Data Centers, Inc. was later renamed American Bitcoin and rebooted. ”
Bitcoin Reserve Company
According to the documents circulated by the company, the goal is to accumulate Bitcoin efficiently below market costs and amplify Treasury holdings rather than focusing solely on hashrate metrics.
According to a presentation from Bitcoin in the US, the merger is designed to unlock access to capital markets independent of Hut 8’s balance sheet, potentially providing an entity with a more direct route to strategic financing.
The combined company model focuses on acquisition and long-term retention of low-cost Bitcoin. It works through Hut 8’s infrastructure pipeline. This spans an additional 10,800 megawatts in its development portfolio with a managed energy capacity of over 1,020 megawatts.
Eric Trump’s ongoing presence continues to promote Trump Meme Coin, following his recent activities, and promotes the launch of blockchain financial services firm World Liberty Financial and WLFI USD1.
Market reaction
Gryphon’s share price more than tripled to $2.55 following the trading announcement, with Hut eight shares rising 11% to $15.45.
The market response suggests that investors’ desire for Bitcoin-centric public vehicles remains rising during current price conditions. As of late April, Bitcoin had traded just over $104,000, nearly near the highest ever, creating an attractive background for companies looking to reveal their Bitcoin Forward story.
Hat8, which merged with Bitcoin in late 2023, recently reported 9.3 EH/s at its self-mining hashrate for the first quarter of 2025. The company also announced a net loss of $134 million in the quarter, highlighting the need for an alternative financing structure beyond its existing balance sheet.
The reverse merger avoids the complexity and timing challenges of traditional IPOs, allowing American Bitcoin to enter the open market while maintaining operational and strategic management.
Griffon’s continued NASDAQ eligibility, as well as shareholder and regulatory approval, remain conditions for the closure of the merger.
When completed, US Bitcoin will become the latest mining company to align its Treasury strategy with access to the public market using financial engineering.
