TLDR
- Trump-backed American Bitcoin is preparing to go public through a merger with Gryphon Digital Mining.
- The merger allows American Bitcoin to expand while Gryphon’s actual contribution to the deal remains unclear.
- The new public company will retain the American Bitcoin name and trade under the ABTC ticker.
- Eric Trump will join the company’s management team but the full extent of the Trump family’s involvement is not detailed.
- Hut 8 will continue to manage all mining operations and currently owns 80 percent of American Bitcoin.
Trump-backed American Bitcoin, a subsidiary of Hut 8, plans to go public through a merger with Gryphon Digital Mining. The merger positions American Bitcoin to expand operations, while Gryphon’s role in the deal remains largely undefined. The Trump family’s involvement, particularly through Eric Trump, continues their broader engagement in the cryptocurrency sector.
Trump-Backed Miner Merges with Gryphon
American Bitcoin will complete a stock-for-stock merger with Gryphon, yet Gryphon shareholders will retain only 2% of the new company. Leadership of the merged entity will remain fully under American Bitcoin, with no Gryphon executives joining the board or management team. The new firm will operate under the American Bitcoin name and trade using the ABTC ticker.
The Trump family plays a background role, though Eric Trump will join the new company’s management team. While the merger announcement highlighted scaling plans, it included limited details on mining infrastructure or Gryphon’s operational contributions. According to official statements, Hut 8 will continue to manage the entire operational infrastructure exclusively.
American Bitcoin remains a Hut 8 subsidiary, and the parent company owns 80% of its shares. Once the merger closes, Hut 8 shareholders will retain nearly 98% of the new entity. The Trump name, however, could bring market attention to the company’s public debut in the third quarter.
Trump Family Crypto Expansion Broadens Scope
President Trump and his family have steadily expanded their presence in the digital asset space across multiple platforms and ventures. These include projects like the WLFI coin, a USD1 stablecoin, GameFi efforts, and various real estate developments tied to crypto themes. Their latest activity includes launching American Bitcoin, announced in March, in partnership with Hut 8.
Though the Trump brothers were active in launching American Bitcoin, their involvement was downplayed in the official release. The statement mentioned Eric Trump’s management role but excluded additional details about the Trump family’s strategic input. Despite the limited information, their influence remains a strong presence in the firm’s branding and direction.
Trump’s broader crypto strategy includes partnerships and new launches, signaling ongoing interest in blockchain-based ventures. This public offering could reinforce their footprint in mining, even though leadership from Gryphon will not be involved. The merger also adds momentum to their wider digital asset initiatives.
Two big Bitcoin-holding reverse mergers announced this morning:
Eric Trump's American Bitcoin will reverse merge into Gryphon Digital Mining $GRYP and will trade as $ABTC upon closing. Image from the presentation attached
While, David Bailey's Nakamoto will reverse merge into… pic.twitter.com/fsyCPL9EJK
— ListingTrack (@listingtrack) May 12, 2025
Hut 8 Faces Revenue Declines but Pursues Growth
Hut 8 experienced a significant revenue drop of 58.1% and a net loss of $134 million in Q1 2025. Despite the losses, CEO Asher Genoot described this as a planned investment phase aimed at long-term scale and sustainability. This context decides to take American Bitcoin public a critical part of their growth efforts.
Through this merger, Hut 8 intends to access new capital without depending on its balance sheet. It aims to retain upside exposure to Bitcoin while expanding operations through its American Bitcoin subsidiary. This approach could help stabilize finances following a challenging earnings quarter.
Though many operational specifics remain unclear, the merger supports Hut 8’s strategy to unlock external funding and focus resources. The Trump-backed initiative adds visibility to the company as it pursues low-cost Bitcoin accumulation.
