The stock-for-stock transaction will result in American Bitcoin taking over Gryphon’s public listing. The combined company is expected to trade on Nasdaq under the ticker “ABTC” as early as the third quarter of 2025.
Hut 8, which already controls a majority stake in American Bitcoin, will continue to hold a beneficial ownership interest while shifting operational focus toward providing infrastructure services through long-term agreements. Gryphon, a micro-cap Bitcoin miner currently listed on Nasdaq, will serve as the corporate vehicle for American Bitcoin’s public debut.
The new entity’s board of directors will consist of Mike Ho, Asher Genoot, Justin Mateen, and Michael Broukhim, with Ho, Matt Prusak, and Eric Trump making up its executive team.
Eric Trump, who has prominently promoted American Bitcoin’s vision, remains on as chief strategy officer. The company aims to position itself as a national Bitcoin reserve builder and brand-forward miner with a capital-light operational model.
“American Bitcoin follows the strategic contribution of substantially all of Hut 8’s ASIC miners to and in exchange for a majority interest in American Data Centers, Inc., a company formed by a group of investors including Eric Trump and Donald Trump Jr.
In connection with the transaction, American Data Centers, Inc. was subsequently renamed and relaunched as American Bitcoin.”
According to materials circulated by the company, the goal is to accumulate Bitcoin efficiently below market cost and amplify exposure through treasury holdings rather than focus exclusively on hashrate metrics.
The combined company’s model focuses on low-cost Bitcoin acquisition and long-term retention. It operates through Hut 8’s infrastructure pipeline, which spans over 1,020 megawatts of managed energy capacity and an additional 10,800 megawatts in its development portfolio.
The market response suggests investor appetite for Bitcoin-centric public vehicles remains elevated during current price conditions. As of late April, Bitcoin has been trading just above $104,000, near its all-time high, creating an attractive backdrop for companies seeking to go public with a Bitcoin-forward narrative.
The reverse merger avoids the complexities and timing challenges of a traditional IPO, enabling American Bitcoin to enter the public markets while maintaining operational and strategic control.
Gryphon’s continued Nasdaq eligibility, as well as stockholder and regulatory approvals, remain conditions for the merger’s closure.
If completed, American Bitcoin will become the latest in a wave of mining firms using financial engineering to align their treasury strategies with public capital market access.
