3 months ago
American Bitcoin, Hut 8’s majority-owned portion backed by the Trump family, volition spell nationalist via a merger with Gryphon Digital Mining (GRYP).
Shares of Hut 8 Corp. (HUT) jumped 12% successful pre-market trading, portion Gryphon Digital Mining (GRYP) soared much than 200%, following the news.
American Data Center, which was owned by Eric Trump and Donald Trump Jr, merged their steadfast with American Bitcoin successful March. The Trump brothers ain 20% of American Bitcoin, portion Hut 8 holds the remaining 80%.
The stock-for-stock transaction volition effect successful Gryphon acquiring American Bitcoin, with the combined institution adopting the American Bitcoin sanction and trading connected Nasdaq nether the ticker “ABTC.”
The merger is expected to adjacent arsenic aboriginal arsenic Q3 2025. American Bitcoin volition clasp its existent enactment and board, including CEO Mike Ho, and stay focused connected scaling low-cost bitcoin (BTC) accumulation.
“This transaction marks the adjacent measurement successful scaling American Bitcoin arsenic a purpose-built conveyance for low-cost Bitcoin accumulation astatine scale,” said Asher Genoot, CEO of Hut 8. “By taking American Bitcoin public, we expect to unlock nonstop entree to dedicated maturation superior autarkic of Hut 8’s equilibrium sheet.”
After the merger, existing shareholders of American Bitcoin are expected to ain astir 98% of the caller company. Hut 8 volition support bulk ownership and service arsenic the exclusive infrastructure and operations partner.
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