Key Takeaways
- American Bitcoin is going public via a reverse merger with Gryphon.
- Eric Trump and Donald Trump Jr. launched the company with Hut 8 in March 2025.
- Gryphon shareholders will own just 2% of the merged company.
American Bitcoin, a mining firm launched by Donald Trump Jr. and Eric Trump, will go public through a reverse merger with Gryphon Digital Mining.
This strategy bypasses the longer and more complex IPO process, allowing American Bitcoin to take over Gryphon’s Nasdaq listing and begin trading under the ticker symbol ABTC as early as Q3 2025.
Merger structure & shareholder impact
The deal is structured as a stock-for-stock transaction.
Once completed, shareholders of American Bitcoin—including Hut 8, which owns 80% of the company—will control about 98% of the new entity.
Gryphon shareholders, despite facilitating the merger, will retain only 2% and have no board representation or role in management.
Leadership & strategic vision
Eric Trump, who will serve as Co-Founder and Chief Strategy Officer, said:
Our vision for American Bitcoin is to create the most investable Bitcoin accumulation platform in the market.
Strategic benefits for Hut 8
The merger is also a strategic move for Hut 8.
CEO Asher Genoot noted that this setup gives American Bitcoin access to public growth capital without burdening Hut 8’s balance sheet.
Hut 8, which currently manages over 1,000 megawatts of energy capacity, will handle mining operations.
Market reaction & industry challenges
Following the announcement, Gryphon’s shares surged more than 280%, while Hut 8 saw an 11% gain.
However, skepticism remains around Gryphon’s contribution beyond providing the listing.
Meanwhile, the mining sector faces increasing pressure from rising costs and shrinking margins—Hut 8 recently reported a 58% revenue drop and $134 million net loss for Q1 2025.
