In a major growth in the cryptocurrency space, American Bitcoin, a mining company co-founded by Eric Trump and Donald Trump Jr., will become a publicly listed entity via an all-stock acquisition of Gryphon Digital Mining. The combined company will be called American Bitcoin and is anticipated to trade on the Nasdaq under the ticker symbol “ABTC”.
Strategic Merger and Ownership Structure
The merger, effective May 12, 2025, makes American Bitcoin a leading force in the crypto mining space. After the merger, current American Bitcoin shareholders like the Trump brothers and crypto miner Hut 8 will hold about 98% of the merged entity. Eric Trump will remain Chief Strategy Officer, focusing on the company’s mission of building a scalable and investable Bitcoin accumulation platform.
Hut 8, which launched American Bitcoin side by side this year, will continue to serve as the company’s sole infrastructure and operations partner. The acquisition is expected to close in the third quarter of 2025, pending regulatory approvals.
Market Reaction and Broader Implications
The news of the merger has been well-received by the market. Gryphon’s stock jumped more than 285% to $2.00, while Hut 8’s stock rose by 10%, indicating investor optimism in the strategic direction of the merged entity.
This step follows the Trump clan’s wider foray into the world of cryptocurrencies. President Donald Trump has himself in the past indicated support for a pro-crypto regulatory approach and has embarked on initiatives like the strategic Bitcoin reserve, which seeks to establish the United States as a leader in digital assets globally.
The deal also signifies a trend for companies to provide stock-based exposure to cryptocurrency, offering investors alternative options to gain access to the cryptocurrency market without taking direct ownership of the underlying tokens. The strategy has become increasingly popular since it was first initiated by companies such as MicroStrategy in 2020.
Also read: Bitcoin Surges Past $100,000 Amid U.S.-U.K. Trade Deal Optimism
