American Bitcoin Corp. announced today a definitive merger agreement with Nasdaq-listed Gryphon Digital Mining, Inc. (GRYP). The stock-for-stock transaction, announced on May 12, aims to position American Bitcoin Corp. as the world’s largest pure-play Bitcoin mining operation with a strategic Bitcoin reserve.
The merger seeks to establish a dedicated platform for strategic Bitcoin reserve building and industrial-scale mining. At a time when interest in Bitcoin mining operations is growing, the company benefits from quicker access to capital markets by going public through this merger instead of pursuing a typical IPO.
Depending on stockholder approval and other standard closing requirements, the deal might close as early as the third quarter of 2025. After the merger is completed, Hut 8 will continue to own the bulk of American Bitcoin.
After the transaction concludes, the combined entity will operate under the American Bitcoin brand and trade on Nasdaq under the ticker symbol “ABTC.” It will also retain American Bitcoin’s existing leadership team and board of directors, including Mike Ho, Asher Genoot, Justin Mateen, and Michael Broukhim, with Eric Trump also serving in management.
Bitcoin Mining Landscape
Earlier this year, Eric Trump and Hut 8 Corp. (HUT) partnered to create American Bitcoin. One noteworthy feature of this endeavor is the Trump family link. If the merger is finalized, Eric Trump will join the management team of the combined company.
As a reverse merger, American Bitcoin can list on the stock exchange without the conventional IPO procedure. At closing, current American Bitcoin stockholders will own nearly 98% of the merged business, while the current Gryphon owners will keep about 2%.
The combination occurs as institutional interest in Bitcoin mining businesses, especially US ones, is growing. This transaction marks a significant advancement in the creation of public Bitcoin investment vehicles as the cryptocurrency industry continues to evolve.
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