American Bitcoin, the majority-owned unit of Hat8 supported by the Trump family, will be made public through a merger with Griffon Digital Mining (GRYP).
Hut 8 Corp. (HUT) stocks rose 12% in pre-market trading, while Gryphon Digital Mining (GRYP) surged more than 200% following the news.
The US data center, owned by Eric Trump and Donald Trump Jr., merged with the company in March. The Trump brothers own 20% of American Bitcoin, while Hat8 holds the remaining 80%.
With stock trading, Griffon acquires American Bitcoin, and the total company adopts the American Bitcoin name and trades on NASDAQ under the ticker “ABTC”.
The merger is expected to close in the third quarter of 2025. Bitcoin in the US will retain its current leadership and board of directors, including CEO Mike Haw, and will continue to focus on scaling its low-cost Bitcoin accumulation.
“We’re excited to announce that Hut 8 CEO Asher Genoot said: “This transaction is the next step in expanding American Bitcoin as a dedicated vehicle for large, low-cost Bitcoin accumulation. We hope that by revealing American Bitcoin, we will unlock direct access to dedicated growth capital that is independent of the HUT 8 balance sheet.”
After the merger, existing US Bitcoin shareholders are expected to own approximately 98% of the new company. HUT 8 maintains a majority ownership and acts as an exclusive infrastructure and operational partner, ensuring long-term contract revenues through its power and digital infrastructure segments.