Eric Trump-Backed American Bitcoin Goes Public in Gryphon Digital Mining Merger

The Bitcoin mining industry witnesses a seismic shift as American Bitcoin, the Hut 8 subsidiary backed by Eric Trump, announces a definitive merger agreement to go public through an all-stock transaction with Gryphon Digital Mining. The deal, revealed on May 12, 2025, signals the Trump family’s deepening entanglement with the cryptocurrency mining sector and reshapes the landscape for publicly traded mining companies.

TL;DR

• American Bitcoin (Hut 8 subsidiary) announces merger with Gryphon Digital Mining to go public on Nasdaq under ticker “ABTC”
• Existing American Bitcoin stockholders expected to own approximately 98% of the combined company
• Eric Trump joins the board and management team alongside Hut 8 leadership
• Hut 8 retains long-term commercial agreements for infrastructure and operations
• Transaction expected to close as early as Q3 2025

The Deal Structure

Gryphon Digital Mining acquires American Bitcoin in a stock-for-stock merger transaction that values the mining subsidiary as the dominant party. Upon closing, existing stockholders of American Bitcoin are expected to own approximately 98% of the combined company, while Hut 8 Corp. retains a majority beneficial ownership stake. The combined entity operates under the American Bitcoin brand and trades on Nasdaq under the ticker symbol “ABTC.”

The transaction is designed to give American Bitcoin direct access to public capital markets, unlocking dedicated growth capital independent of Hut 8’s balance sheet while preserving long-term Bitcoin upside exposure for Hut 8 shareholders.

Leadership and Strategic Vision

The merged company is led by a board featuring Mike Ho, Asher Genoot (CEO of Hut 8), Justin Mateen, and Michael Broukhim. The management team includes Mike Ho, Matt Prusak, and Eric Trump, who brings capital markets expertise and a high-profile commitment to decentralized financial systems.

“This transaction marks the next step in scaling American Bitcoin as a purpose-built vehicle for low-cost Bitcoin accumulation at scale,” said Asher Genoot, CEO of Hut 8. “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.”

Hut 8’s Infrastructure Advantage

Following the transaction, Hut 8 continues serving as American Bitcoin’s exclusive infrastructure and operations partner through a series of long-term commercial agreements. These contracts are expected to generate stable, contracted revenue streams across Hut 8’s Power and Digital Infrastructure segments. Hut 8’s platform spans 1,020 megawatts of energy capacity across 15 sites in the United States and Canada, including five Bitcoin mining and hosting operations in Alberta, New York, and Texas.

This arrangement creates an interesting corporate structure: Hut 8 essentially spins off its mining operations into a separately traded vehicle while retaining the infrastructure contracts that generate steady revenue. For investors, it separates the speculative Bitcoin accumulation play from the more predictable infrastructure business.

Mining Industry Context

The announcement arrives during a bullish period for Bitcoin mining. The network hashprice reached $55.17 per PH/s/day on May 12, representing a 10.16% increase over the previous week. Bitcoin itself traded at approximately $102,812, up 6.26% week-over-week and approaching its January all-time high of $109,225.

Mining stocks broadly outperformed, with the Bitcoin Mining Stock Index rising 10.38% during the same period. Bitdeer Technologies (BTDR) led gains with a 34.22% surge to $14.12, reaching a market capitalization of $2.90 billion. The network hashrate registered at 890 EH/s on the 7-day simple moving average, with the latest difficulty adjustment on May 3 decreasing network difficulty by 3.34% to 119.12T. Miners collected approximately 3,357 BTC in block rewards over the past week, equivalent to roughly $337 million.

The Trump Crypto Connection

American Bitcoin represents one of the most visible intersections of political influence and cryptocurrency mining. Eric Trump’s involvement extends beyond a passive investment — he actively participates in the management team, leveraging what the company describes as “commercial acumen, capital markets expertise, and commitment to the advancement of decentralized financial systems.”

The Trump family has expanded its crypto footprint significantly, with World Liberty Financial, stablecoin projects, and now a major mining operation. The political implications are hard to ignore: a sitting president’s family directly profiting from a publicly traded Bitcoin mining company raises questions about regulatory conflicts and the blurring lines between government policy and personal crypto interests.

Why This Matters

The American Bitcoin-Gryphon merger represents more than just another SPAC-style public listing. It is a watershed moment for the mining industry, demonstrating that Bitcoin accumulation at scale is now considered a viable standalone business model worthy of dedicated public market access. The structure — separating infrastructure operations from Bitcoin accumulation — may become a template for other mining companies looking to unlock value.

For the broader market, the involvement of high-profile political figures in mining operations signals a maturation and legitimization of the industry that could attract more institutional capital. However, it also underscores the increasingly politicized nature of cryptocurrency in the United States.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk. Always conduct your own research before making investment decisions.