Key Takeaways
- American Bitcoin Corp and Gryphon have filed an updated S-4 for their merger.
- The combined firm, majority-owned by Hut 8, aims to list as 'ABTC' on Nasdaq in 2025.
- The move reflects ongoing consolidation in the U.S. bitcoin mining sector following the latest halving.
American Bitcoin Corp, a Trump family-backed mining company, and Gryphon Digital Mining have submitted an amended S-4 registration to the U.S. Securities and Exchange Commission, advancing plans for a public listing via a stock-for-stock merger.
The newly formed entity, American Bitcoin, is expected to trade on Nasdaq under the ticker “ABTC” as early as Q3 2025.
Following the merger, American Bitcoin shareholders will own approximately 98% of the new company, with Gryphon shareholders holding the remaining 2%.
Leadership and ownership
Launched in March as a majority-owned subsidiary of Hut 8, American Bitcoin Corp has Hut 8 holding an 80% stake, while the remaining 20% is held by founding partners, including Eric Trump and Donald Trump Jr.
The precise breakdown of minority ownership has not been disclosed.
The leadership team will be led by CEO Matt Prusak and Chief Strategy Officer Eric Trump.
Matt Prusak, CEO of American Bitcoin, described the merger as a move to consolidate the fragmented mining sector. He stated:
“The space has been fragmented. It’s over a dozen public miners. But what’s interesting about that kind of fragmentation is that it creates opportunity for category leader. Somebody really be that pure play. Give Bitcoin exposure, give hash rate exposure.”
He highlighted the company’s asset-light approach, relying on a strategic partnership with Hut 8 for infrastructure to efficiently accumulate bitcoin.
Industry context
Gryphon will contribute its digital asset mining operations, including a self-mining hashrate of 899 PH/s as of Q2 2024, and recently acquired a natural gas asset in Canada.
Current CEO Asher Genoot emphasized the merger as critical for scaling, stating:
“Taking American Bitcoin public is a critical step toward scaling the business at the pace and magnitude we envision.”
The merger follows industry-wide consolidation after the most recent block subsidy halving, which reduced miner revenues. The transaction is pending SEC effectiveness and shareholder approval.
