Trump-linked miner American Bitcoin going public via Gryphon merger
Summary
American Bitcoin is merging with Gryphon Digital Mining in a stock-for-stock transaction, announced on May 12. Post-merger, the new entity will operate under the American Bitcoin brand and be governed by its board, which includes Eric Trump. Gryphon's stock surged over 313% following the announcement. American Bitcoin, a subsidiary of Hut 8, aims to become a low-cost Bitcoin accumulation vehicle. Existing shareholders will retain approximately 98% ownership of the new company, while Hut 8 will manage its infrastructure through long-term agreements, ensuring stable revenue streams. American Bitcoin was founded by investors including Donald Trump Jr. and Eric Trump and aims to be a leading Bitcoin miner with a significant strategic reserve.
