Hut 8’s Trump-linked subsidiary, American Bitcoin, is headed to public markets.
The company has agreed to a stock-for-stock merger with publicly traded Gryphon Digital. Gryphon Digital will acquire American Bitcoin in a reverse merger, and upon completion, the combined company will operate as American Bitcoin, trading on Nasdaq under the ticker ABTC. The transaction could close as early as Q3 2025.
Under the agreement, American Bitcoin stock holders will hold 98% of the new company to Gryphon Digital’s 2%.
American Bitcoin launched earlier this year as a subsidiary of Hut 8., whereby Hut 8 allocated 10 EH/s of its self-mining operations in exchange for an 80% stake in the company.
Read more: Hut 8’s big bet on Trump-affiliated American Bitcoin
Hut 8 will act as American Bitcoin’s sole infrastructure provider, and the company advertised the partnership as a strategic play to specialize its business lines, with Hut 8 focusing on energy, infrastructure, and operations while American Bitcoin sticks to bitcoin mining.
“This transaction marks the next step in scaling American Bitcoin as a purpose-built vehicle for low-cost Bitcoin accumulation at scale. By taking American Bitcoin public, we expect to unlock direct access to dedicated growth capital independent of Hut 8’s balance sheet, while preserving long-term exposure to Bitcoin upside for our shareholders,” Hut 8 CEO Asher Genoot said.
