As of press time, the stock was showing signs of upward momentum after hours and was trading at $8.06, up roughly 16% for the day.
The Trump brothers hold minority interests in the remaining 20% alongside other founding partners, though exact ownership breakdowns remain undisclosed. Eric Trump serves as chief strategy officer while Matt Prusak, who previously sold COVID tests, leads the company as CEO.
Prusak positioned the merger as an opportunity to create a dominant player in the fragmented Bitcoin mining sector. The company operates an asset-light model through a strategic partnership with Hut 8, leveraging existing infrastructure for Bitcoin accumulation rather than building mining facilities from scratch.
Gryphon contributes operational mining assets, including 899 petahash per second of self-mining hash rate as of the second quarter 2024. The company focuses on renewable and low-cost energy sources, including the recent acquisition of natural gas assets in Canada.
The merger reflects broader consolidation trends in US Bitcoin mining following last year’s halving event, which reduced mining rewards and increased economic pressure on operators.
Companies seek greater scale and operational efficiency through mergers and acquisitions to remain competitive in the challenging post-halving environment.
The SEC filing advances the Trump family’s expanding crypto ventures, combining Gryphon’s mining operations with American Bitcoin’s capital market access and strategic vision for institutional-scale Bitcoin accumulation.
