American Bitcoin, a company with ties to the Trump family, is merging with Gryphon to form a Bitcoin mining conglomerate.
Trump-affiliated American Bitcoin is expanding its mining operations. On Monday, May 12, Gryphon Digital Mining announced a definitive stock-for-stock merger agreement with American Bitcoin Corp, a subsidiary of Hut 8.
Although Gryphon is technically the acquiring party, shareholders of American Bitcoin will own 98% of the new company’s shares. Gryphon shareholders will hold just 2% following the merger. The combined company will operate under the American Bitcoin brand.
The leadership team from American Bitcoin will head the new company, including CEO Mike Ho, along with Matt Prusak and Eric Trump. The board of directors will also be inherited from American Bitcoin, comprising Mike Ho, Asher Genoot, Justin Mateen, and Michael Broukhim.
Following the merger which is expected to close in the third quarter of 2025, American Bitcoin plans to become the biggest pure-play Bitcoin (BTC) mining firm. It also aims to pursue a Nasdaq listing under the ticker symbol ABTC.
American Bitcoin launches as Trump mining venture
American Bitcoin originally launched on March 31 as a partnership between Eric Trump and Donald Trump Jr. with the Hut 8 mining firm. Hut 8 supplied 61,000 mining rigs and 11 U.S. data centers in exchange for 80% ownership of the firm. The remaining 20% went to Eric Trump and Donald Trump Jr., in addition to their other crypto ventures.
The Trump family has strong ties to the crypto industry, particularly through the company World Liberty Financial. Both Eric Trump and Donald Trump Jr. are actively involved in the company’s management, which is also linked to President Donald Trump himself.
The involvement in the crypto space opened Trump up for intense criticism from the opposition. Notably, several legislators raised concerns over potential conflicts of interest. This is particularly due to recent changes to crypto regulation, which Trump is spearheading.
