Mining stock rallies as Trump sons’ firm announces merger
By: thestreet|2025/05/12 17:45:05
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American Bitcoin, the crypto mining firm backed by the Trump family, is set to go public through a merger with another crypto mining firm Gryphon Digital Mining (Nasdaq: GRYP), Hut 8 (Nasdaq: HUT) said on May 12.As per the deal, Gryphon Digital Mining will acquire American Bitcoin in a stock-for-stock transaction. The combined company will operate under the American Bitcoin brand and trade under the ticker “ABTC” on Nasdaq.American Bitcoin is a company formed by the merger of American Data Centers — the data infrastructure firm owned by President Donald Trump’s sons Eric Trump and Donald Jr. — with the crypto mining firm Hut 8 on March 31. While the Trump brothers own 20% of American Bitcoin, Hut 8 owns 80% of it.The firm will continue to operate under its current leadership, including co-founder and chief strategy officer Eric Trump and CEO Mike Ho. The transaction is expected to close as early as Q3 2025. Existing stockholders of American Bitcoin are expected to own approximately 98% of the combined company. “This transaction marks the next step in scaling American Bitcoin as a purpose-built vehicle for low-cost Bitcoin accumulation at scale,” said Hut 8 CEO Asher Genoot. “By taking American Bitcoin public, we expect to unlock direct access to dedicated growth capital independent of Hut 8’s balance sheet, while preserving long-term exposure to Bitcoin upside for our shareholders.”While HUT shares jumped 12% to trade at $15.82 at the time of writing, GRYP shares jumped 250% to trade at $1.81.As per Kraken's price feed, Bitcoin was trading at $102,883 at press time.
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