American Bitcoin, a Trump-backed mining firm and Hut 8 subsidiary, plans to go public thanks to a merger with Gryphon Digital Mining. This represents the Trump family’s diversified business ventures in crypto.
However, there are still a lot of unanswered questions about this potential merger deal. For example, it’s unclear what Gryphon is contributing other than its name, but its stock price jumped over 200% since the announcement.
Trump’s Sons Back American Bitcoin
Since launching his eponymous meme coin, President Trump and his family have been pursuing diversified interests in the crypto industry.
Between WLFI and the USD1 stablecoin, experiments in GameFi, construction projects, and more, Eric and Don Jr. have been very busy. In late March, the Trump brothers partnered with Hut 8 to launch a Bitcoin mining firm, which is soon going public.
According to a recent press release, American Bitcoin is merging with Gryphon, another mining company, to take this Trump family venture to the next level.
To be clear, this statement minimized the brothers’ involvement, only stating that Eric Trump will be on the company’s management team. It also provided no details about a potential IPO, but the deal should close in Q3.
The merged firm’s leadership will entirely consist of American Bitcoin’s leaders, excluding Gryphon Digital Mining. Everyone on the company’s board of directors and management team had a top-level role at the original Hut 8 subsidiary.
This new company will retain the American Bitcoin name and trade under the ABTC stock ticker.
This merger announcement is also rather light on specific details regarding the mining business. It downplays the Trump brothers’ connection to American Bitcoin, but only states that Hut 8 will exclusively manage the infrastructure and operations.
A quote from Asher Genoot, Hut 8’s CEO, is one of the only mining-specific statements in the press release.
“This transaction marks the next step in scaling American Bitcoin as a purpose-built vehicle for low-cost Bitcoin accumulation at scale. 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,” he said.
For a variety of reasons, miner profits are dwindling in the US, and this has impacted Hut 8. Despite receiving substantial investment and upgrading technical capabilities last year, it recently posted massive Q1 2025 losses. Hut 8’s revenue fell by 58.1%, with a net loss of $134 million. Nonetheless, Genoot called this a “deliberate and necessary phase of investment.”
With the Trump brothers investing in American Bitcoin, Hut 8 may have a few new opportunities. Nearly, 98% of the merged company’s stock will go to holders of the preexisting subsidiary.
However, Hut 8 actually owns 80% of American Bitcoin’s current shares. The firm could leverage the Trump family’s brand to benefit from new investors by going public.
It’s a little unclear what Gryphon is contributing to the proposed merger. Gryphon “will acquire American Bitcoin in a stock-for-stock merger transaction,” but its own press release claims that its current stockholders “are expected to own approximately 2% of the combined company.”
Still, merger news caused Gryphon’s own stock price to rally over 200%.
Over social media, Gryphon’s merger announcement attracted community skepticism regarding American Bitcoin and the Trump connection.
There are still many unanswered questions about the new company and its mining operations. Hopefully, more details will emerge as the merger deal nears completion.
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