American Bitcoin to Go Public via Merger with Gryphon Digital Mining
American Bitcoin, a company focused on cryptocurrency mining, announced on May 12 that it’s merging with Gryphon Digital Mining in a move toward becoming publicly listed.
According to the terms of the deal, Gryphon Digital Mining will acquire American Bitcoin through stock trading. After the merger is finalized, the company will operate under the American Bitcoin name, with a new board that includes Eric Trump, one of the sons of former President Donald Trump.
The timing of this merger aligns with a significant increase in Gryphon Digital Mining’s stock prices, soaring from $0.52 on May 9 to $2.15 when this report was written—a rise of over 313%, as stated by Google Finance.
This announcement follows earlier discussions regarding American Bitcoin’s potential initial public offering (IPO).
American Bitcoin is mainly owned by HUT 8, a firm involved in energy infrastructure and data centers. HUT 8’s CEO, Asher Genoot, mentioned that their goal is to transform American Bitcoin into a platform dedicated to large-scale, low-cost Bitcoin accumulation. He expressed optimism about gaining access to growth capital separate from HUT 8’s financial assets while still providing Bitcoin exposure to shareholders.
Shareholder Structure After the Merger
Post-merger, approximately 98% of the newly formed company will be owned by existing American Bitcoin shareholders. The merged entity will retain most of the outstanding shares.
HUT 8 will continue to oversee American Bitcoin’s infrastructure and operations under long-term agreements, which are expected to create a steady revenue stream for HUT 8’s energy and digital infrastructure sectors.
An Overview of American Bitcoin
HUT 8 secured a majority stake in American Bitcoin at the end of March, with backing from several members of the Trump family. Previously known as American Data Center, the company was founded by a group that included Donald Trump Jr. and Eric Trump.
As part of the agreement, American Bitcoin acquired HUT 8’s Bitcoin mining equipment. The initiative aims to position the new entity as the largest and most efficient dedicated Bitcoin miner globally while establishing a significant strategic Bitcoin reserve.
