Trump-linked Bitcoin Mining Company Unveils Ambitions for Stock Market Debut
America Meets Bitcoin: The Trump-Backed Crypto Mining Venture
In a surprising move, American Bitcoin - a Hut 8 subsidiary, backed by Donald Trump, is set to go public! Thanks to a merger with Gryphon Digital Mining, this marks the Trump family's dive into crypto, showcasing their ambitious business ventures.
However, the deal's nitty-gritty remains a mystery. It's puzzling what Gryphon brings to the table other than its name, but their stock has skyrocketed over 200% since the announcement.
Trump's Crypto Crusade
Since the President's own meme coin, the Trump clan has been exploring diverse crypto territories. Between digital-assets experiments, construction projects, and more, Eric and Don Jr. have been kicking it into high gear. In March, the Trump brothers partnered with Hut 8 to found a Bitcoin mining firm, now on a Fast Track to Public.
The recent press release unveiled the union of American Bitcoin and Gryphon, another Bitcoin mining firm. Donald Trump Jr. will join the company's management team, but details about the IPO remain hazy, with the deal anticipated sometime in Q3.
The merged firm's leadership will be led by American Bitcoin's top brass, leaving Gryphon Digital Mining out in the cold. The new company will preserve the American Bitcoin moniker, trading under the ABTC stock ticker.
The announcement lacks specifics about the mining business, laying low about the Trump brothers' connection to American Bitcoin. It only hints at Hut 8 managing the infrastructure and operations.
Asher Genoot, Hut 8's CEO, had one of the few mining-related statements in the press release:
"This deal serves as the next phase for American Bitcoin, a preparatory vehicle for Bitcoin accumulation at scale. As a public entity, we expect to tap independent growth capital, while retaining long-term Bitcoin exposure for our shareholders," he said.
Latin for 'Speed': Miner Profits Slipping
With crypto miner profits shrinking in the US, this has hit Hut 8 hard. Despite hefty investments and tech upgrades last year, Hut 8 recently reported massive Q1 2025 losses. Genoot, however, tags it as a "staged growth phase."
As Gryphon proves to be a lifeline for Hut 8, the Trump brothers' divestment may bring fresh opportunities. Nearly 98% of the merged company's stock will land in the hands of Hut 8 shareholders. Yet, Hut 8 actually owns 80% of American Bitcoin's shares, positioning to cash in on the Trump brand with new investors.
It's still foggy what exactly Gryphon brings to the Gryphon-American Bitcoin partnership. Gryphon will inherit American Bitcoin in a stock-for-stock merger, but their own press release suggests they'll own a mere 2% of the combined firm4.
Despite this ambiguity, the merger sparked a rally in Gryphon's stock prices.
Swirling social media speculations greet Gryphon's merger news, raising eyebrows about American Bitcoin and the Trump connection. Time will tell what the new company has in store for us.
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- The Trump-backed American Bitcoin, a Hut 8 subsidiary, is partnering with Gryphon Digital Mining to form a new Bitcoin mining firm, American Bitcoin, which will soon go public through an IPO.
- Donald Trump Jr. will join the management team of the newly merged company, but details about the IPO are yet to be disclosed, with the deal anticipated in Q3.
- The leadership of the merged firm will be led by American Bitcoin's top brass, leaving Gryphon Digital Mining with minimal control.
- Asher Genoot, Hut 8's CEO, proposed that the deal serves as a preparatory vehicle for Bitcoin accumulation at scale, with the aim to tap independent growth capital while retaining long-term Bitcoin exposure for shareholders.
- Crypto miner profits have been dwindling in the US, and the merger between Hut 8 and Gryphon Digital Mining may offer fresh opportunities for the Trump brothers amidst the uncertainties in the crypto and finance business.
