Trump's Son's Bitcoin Mining Company American Bitcoin Goes Public Through a SPAC, Gryphon Mining Stock Price Surges 330%

动区动趋 BlockTempo

2025-05-13 14:19

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It is worth mentioning that this transaction has seen a significant recent surge in Gryphon Digital Mining's stock price due to the involvement and support of the Trump family.

Original Article Title: "Trump's Son Bitcoin Mining Enterprise American Bitcoin Goes Public Through SPAC Merger, Gryphon Mining Stock Price Soars 330%"

Original Article Author: Joe, BlockTempo

U.S.-listed Bitcoin mining company Hut 8 (HUT) announced on May 12 that its subsidiary, American Bitcoin Corp., has entered into a definitive merger agreement with Nasdaq-listed company Gryphon Digital Mining (GRYP). According to the agreement, American Bitcoin will achieve a public listing through a merger with Gryphon Digital Mining, with the completion expected in the third quarter of 2025.

Post-Merger Details

The announcement indicates that following the completion of this transaction, the merged entity will operate under the American Bitcoin brand, with board leadership including Mike Ho (Chairman), Asher Genoot (Hut 8 CEO), Justin Mateen (Tinder Co-Founder), and Michael Broukhim (FabFitFun Co-Founder). The management team will consist of Mike Ho, Matt Prusak (CEO), and Eric Trump (Chief Strategy Officer). The merged company is expected to trade on Nasdaq under the stock ticker ABTC.

Hut 8 further stated that the company will continue to serve as American Bitcoin's exclusive infrastructure and operational partner, providing mining equipment and data center support through a series of long-term commercial arrangements. Additionally, existing shareholders of American Bitcoin will hold approximately 98% of the merged company.

In response, Hut 8 CEO Asher Genoot commented:

"By taking American Bitcoin public, we anticipate unlocking dedicated growth capital off Hut 8's balance sheet, while retaining long-term Bitcoin upside potential for our shareholders. This move will also accelerate American Bitcoin's scale-up and reinforce its leadership position in U.S. Bitcoin infrastructure development."

What Is American Bitcoin?

American Bitcoin is a Bitcoin mining and holding company established in March 2025, headquartered in the United States, co-founded by Hut 8 and American Data Centers. Hut 8 provides approximately 61,000 ASIC miners and holds 80% of the shares, while American Data Centers holds the remaining 20%.

It is worth noting that American Bitcoin has close ties to the Trump family. American Data Centers was founded in February 2025 by investors including Eric Trump and Donald Trump Jr., with both holding a 20% stake in American Bitcoin through the company. Eric Trump is not only a co-founder of American Bitcoin but also serves as the Chief Strategic Officer, responsible for shaping the company's strategy and driving its public listing plans.

Gryphon Digital Mining is a smaller-scale Bitcoin mining company focused on sustainable mining technology. This merger is seen as a reverse takeover, with Gryphon serving as the public listing entity, providing American Bitcoin with a quick path to access the capital markets.

Gryphon Digital Mining Stock Price Surges

Impacted by the merger news, Gryphon Digital Mining's stock price surged approximately 280% in pre-market trading on May 12. As of the time of writing, GRYP has risen from $0.52 on May 9 to $1.30, marking a near 300% increase over the past five days.