Hut 8’s majority-owned subsidiary American Bitcoin has announced plans to go public in a stock-for-stock merger with cryptocurrency mining firm Gryphon Digital.
The company acquired a majority stake in American Bitcoin in April, joining forces with its management team, which includes the son of President Donald Trump, Eric Trump.
Upon completion of the merger, which is expected to close by Q3 2025, the combined company will operate under the American Bitcoin brand and will be led by a combination of team members from Hut 8 and American Bitcoin, including Hut 8 CEO Asher Genoot and Eric Trump.
The merger with the publicly traded company Gryphon Digital will be a stock-for-stock transaction. Once completed, the newly formed company will trade on the Nasdaq under the ticker-symbol ABTC.
“This transaction marks the next step in scaling American Bitcoin as a purpose-built vehicle for low-cost Bitcoin accumulation at scale,” said Genoot.
“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,” Genoot added.
Hut 8 will still own a majority (98 percent) of the new company following the merger, and will continue to provide mining power and infrastructure to American Bitcoin through long-term contracts.
Hut 8 will play a big part in American Bitcoin’s strategic Bitcoin accumulation plans according to its listing overview. Hut 8’s ability to provide hashrate-ready mining sites in as little as six to seven months is predicted to be crucial to American Bitcoin’s speed and efficiency.
American Bitcoin states that 100 percent of its growth capital will be reinvested in new ASIC hardware with a view to maximising its Bitcoin accumulation.
Hut 8 recently posted quarterly losses of $134 million, which it attributes in part to the Bitcoin halving of 2024, which cut the Bitcoin mining reward by 50 percent, as well as operational downtime.
Despite such losses, Hut 8 managed to increase its overall hashrate by 79 percent thanks to the upgrade of its ASIC fleet, which resulted in a 37 percent efficiency increase quarter-over-quarter.
