Trump son's Bitcoin mining company American Bitcoin to go public via SPAC, Gryphon Mining stock surges 330%
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Trump son's Bitcoin mining company American Bitcoin to go public via SPAC, Gryphon Mining stock surges 330%
The stock price of Gryphon Digital Mining has recently surged significantly due to the involvement and support from the Trump family.
Navigating Web3 tides with focused insightsBy: 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 Gryphon Digital Mining (GRYP). Under the terms, American Bitcoin will become publicly listed through a merger with Gryphon Digital Mining, expected to close in the third quarter of 2025.
Post-Merger Details
The announcement stated that upon completion, the combined company will operate under the American Bitcoin brand, with a board including Mike Ho (Executive Chairman), Asher Genoot (CEO of Hut 8), Justin Mateen (co-founder of Tinder), and Michael Broukhim (co-founder of FabFitFun). The management team will consist of Mike Ho, Matt Prusak (CEO), and Eric Trump (Chief Strategy Officer). The merged entity is expected to trade on Nasdaq under the ticker symbol ABTC.
Hut 8 further noted that it will continue as American Bitcoin’s exclusive infrastructure and operations partner, providing mining hardware and data center support through a series of long-term commercial agreements. Meanwhile, existing shareholders of American Bitcoin are expected to own approximately 98% of the combined company.
Commenting on the transaction, Hut 8 CEO Asher Genoot said:
“By taking American Bitcoin public, we expect to unlock dedicated growth capital independent of Hut 8’s balance sheet, while preserving long-term upside potential from bitcoin appreciation for our shareholders. This move will also accelerate American Bitcoin’s scale expansion and strengthen its leadership position in U.S. bitcoin infrastructure development.”
What Is American Bitcoin?
American Bitcoin is a bitcoin mining and reserve company established in March 2025 and headquartered in the United States, founded jointly by Hut 8 and American Data Centers. Hut 8 contributed approximately 61,000 ASIC miners and holds an 80% stake, while American Data Centers holds the remaining 20%.
Notably, American Bitcoin has close ties to the Trump family. American Data Centers was co-founded in February 2025 by investors including Eric Trump and Donald Trump Jr., who together hold a 20% stake in American Bitcoin through this entity. Eric Trump is not only a co-founder of American Bitcoin but also serves as Chief Strategy Officer, responsible for shaping corporate strategy and driving the public listing initiative.
Gryphon Digital Mining is a smaller bitcoin mining company focused on sustainable mining technologies. The merger is considered a reverse takeover, with Gryphon serving as the publicly traded shell that enables American Bitcoin to rapidly access the capital markets.
Gryphon Digital Mining Stock Surges
Fueled by the merger news, Gryphon Digital Mining’s stock surged approximately 280% in pre-market trading on May 12. At the time of writing, GRYP had risen from $0.52 on May 9 to $1.42, representing a five-day gain of 330%.
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