Trump-Linked American Bitcoin Mining Firm Going Public
Summary
American Bitcoin, a subsidiary of Hut 8, plans to go public through a merger with Gryphon Digital Mining, expected to close in Q3. The merger is a stock-for-stock transaction, with American Bitcoin shareholders retaining about 98% ownership. Hut 8 CEO Asher Genoot stated the merger aims to scale American Bitcoin for low-cost Bitcoin accumulation and provide access to growth capital. The company will focus on efficient Bitcoin mining, leading the ecosystem, and building a Bitcoin reserve. Eric Trump will serve as co-founder and chief strategy officer. Shares of Gryphon Digital Mining rose over 173%, while Hut 8 increased by 11.74%. Bitcoin's value recently dropped 2.1%, trading above $102,000.
