A new mining giant is forming — with some political weight behind it.
American Bitcoin, the crypto mining firm tied to Donald Trump’s family, is going public. The move comes through a stock-for-stock merger with Gryphon Digital Mining, as announced on May 12.
Once the deal closes, the new entity will retain the American Bitcoin name and be led by its existing board — which includes Eric Trump, the son of former President Donald Trump.
Shares surge after news
Gryphon’s stock rocketed from $0.52 to $2.15, a 313% gain, after the announcement, according to Google Finance. The buzz follows rumors from April that American Bitcoin was eyeing an IPO.
“We expect to unlock direct access to growth capital while preserving long-term exposure to Bitcoin upside,” said Hut 8 CEO Asher Genoot.
Who owns what?
American Bitcoin shareholders will control 98% of the merged company.
Hut 8, which owns a majority of American Bitcoin, will manage infrastructure and operations via long-term agreements.
What’s the plan?
The new company wants to become the largest and most efficient pure-play Bitcoin miner, with a strategic BTC reserve at its core. Backers include Donald Trump Jr. and Eric Trump, who were also involved in the company’s previous form, American Data Center.
The goal? Cheap BTC accumulation at scale — with a political twist.