Trump-linked crypto miner American Bitcoin expected to list on Nasdaq as shareholders begin voting on proposed merger
Quick Take
- Gryphon shareholders have begun voting on the proposed merger with Hut 8 subsidiary American Bitcoin Corp. to form a new crypto mining venture.
- President Trump’s eldest sons have an approximately 20% stake in the venture through American Data Centers.
Gryphon Digital Mining (ticker GRYP) shareholders have begun voting on the proposed merger with Hut 8 (ticker HUT) subsidiary American Bitcoin Corp. to form a new crypto mining venture with ties to President Donald Trump. The transaction is expected to close in early September 2025, assuming shareholders vote to approve it.
American Bitcoin is expected to list on the Nasdaq under the ticker symbol ABTC.
Launched in March through a partnership with publicly traded miner Hut 8, American Bitcoin is a crypto mining and holding company co-founded by Eric Trump and backed by Donald Trump Jr. Hut 8 maintains an 80% stake in the firm, with the remaining 20% held by American Data Centers, an entity backed by the Trump sons.
The company has a mandate to accumulate a strategic Bitcoin reserve through its mining operations. It raised $220 million by selling shares in a private placement to acquire Bitcoin and mining equipment.
American Bitcoin previously announced plans to go public through an all-stock merger with Gryphon by the third quarter of 2025. Existing shareholders, including Eric Trump, Donald Trump Jr., and Hut 8, will retain approximately 98% ownership of the new entity.
Eric Trump serves as the chief strategy officer.
Nasdaq-listed Gryphon traded down 3% in Wednesday's session while Hut 8 shares were nearly unchanged, according to The Block's price data.
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