American Bitcoin and Gryphon Digital Mining Merger
American Bitcoin, a new player in the cryptocurrency sector with connections to the Trump family, is set to merge with Gryphon Digital Mining, forming a significant entity in Bitcoin mining. On May 12, Gryphon Digital Mining revealed it reached a stock-for-stock merger agreement with American Bitcoin Corp, which is a subsidiary of Hut 8. While Gryphon is officially the acquirer, the structure of the merger means that American Bitcoin’s shareholders will collectively own an impressive 98% of the merged entity, leaving Gryphon’s shareholders with a mere 2%.
Leadership Structure and Key Personnel
The newly formed company will operate under the American Bitcoin name, continuing the leadership structure established by American Bitcoin. CEO Mike Ho will lead the company, joined by executives Matt Prusak and Eric Trump, who is notably among the Trump family members involved in the operation. Other members on the board will include Mike Ho, Asher Genoot, Justin Mateen, and Michael Broukhim.
Future Plans and Industry Position
Upon completion of the merger, anticipated to take place in the third quarter of 2025, American Bitcoin has plans to dominate the Bitcoin mining industry as a leading pure-play firm and is also aiming to go public on Nasdaq, utilizing the ticker symbol ABTC.
Background and Inception
American Bitcoin’s inception was marked on March 31 when it was launched as a collaborative effort between Eric Trump and Donald Trump Jr. alongside Hut 8, which contributed 61,000 mining rigs and 11 data centers located in the U.S. This partnership granted Hut 8 an 80% stake in the company, with the remaining share distributed between the Trump brothers and their various other cryptocurrency endeavors.
Family Engagement and Controversy
The Trump family’s engagement in the cryptocurrency market has drawn attention and criticism, especially regarding potential conflicts of interest due to their connections with legislation on crypto regulations spearheaded by the Trump administration. The family’s footprint in this evolving financial sector is extended through their involvement with World Liberty Financial, where both Eric Trump and Donald Trump Jr. hold active roles.
