The subsidiary of mining giant Hut 8 — American Bitcoin — is preparing to go public on the Nasdaq through a merger with Gryphon Digital Mining. This deal will allow the company to strengthen its position in the Bitcoin mining industry and significantly expand its business scale. The transaction is expected to be completed in the third quarter of 2025 after receiving approval from shareholders and regulators.

Merger with Gryphon Digital Mining and Nasdaq Listing

After the transaction is finalized, the combined entity will operate under the brand American Bitcoin with the ticker ABTC. At the same time, the subsidiary of Hut 8 will retain its board of directors and management team, which includes Eric Trump, the son of U.S. President Donald Trump. Hut 8 shareholders will receive a 98% stake in the new company.

According to the press release, Hut 8 will continue to serve as the «exclusive infrastructure and operational partner» for American Bitcoin. Hut 8 CEO Asher Genoot noted that this decision opens up new horizons for business scaling: «Taking American Bitcoin public is an important step towards scaling the business at the pace and scale we envision».

The History of American Bitcoin

On March 31, Hut 8 announced the creation of a subsidiary focused on Bitcoin mining. Prior to this, the company received an 80% stake in American Data Centers in exchange for almost its entire fleet of miners. The company was backed by a group of investors led by Eric Trump and Donald Trump Jr. As part of the deal, the enterprise was relaunched as American Bitcoin.

In April, the company announced its plans to go public, although it did not disclose specific details. Eric Trump, who took the role of Chief Strategy Officer, said at the time: «We are going to become the greatest Bitcoin mining company in the world, and we are doing it here in America». He also assured that he does not work with the White House and «practically» does not communicate with his father.

Hut 8 itself was based in Canada and was listed on the Toronto Stock Exchange and Nasdaq. In 2023, the company moved its headquarters to the United States after acquiring US Bitcoin. Genoot noted that in the future, Hut 8 and American Bitcoin will be «sister companies»: the former will focus on energy and data center infrastructure, while the latter will concentrate on Bitcoin mining, ASIC equipment, and crypto reserves.

As of the time of writing, according to BitcoinTreasuries, Hut 8 holds 10,237 BTC worth $1.07 billion, making it one of the largest Bitcoin holders among mining companies.