News 
May 12, 2025 
5 min. 
Trump-backed mining firm American Bitcoin, a subsidiary of Hut 8, is preparing to go public through a merger with Gryphon Digital Mining. The move highlights the Trump family’s growing footprint in the cryptocurrency space as they expand their influence beyond traditional sectors.
Despite the excitement, the merger raises several unanswered questions. Gryphon’s actual contribution to the deal remains vague. There are no clear assets or operations detailed, yet the company’s stock has surged more than 200% following the announcement.
Trump-Backed Mining Firm American Bitcoin Set to Go Public Amid Gryphon Merger
President Donald Trump’s sons, Eric Trump and Donald Trump Jr., have increasingly stepped into the crypto spotlight, expanding their family’s portfolio beyond politics and real estate. Following the launch of Trump-themed meme coins and experiments in GameFi and blockchain-backed real estate, the duo made waves in late March by launching American Bitcoin, a Trump-backed mining firm in collaboration with Hut 8.
A High-Profile Merger, But Few Details Revealed
Now, this venture is aiming for the public markets. According to a recent press release, American Bitcoin plans to merge with Gryphon Digital Mining, another crypto mining company, as part of its strategy to scale operations and secure growth capital. However, the announcement raised eyebrows due to its vague details and the minimal public role of the Trump family. Eric Trump is slated to join the management team, but no specific IPO timeline or shareholder breakdown was confirmed. The deal is expected to close in Q3 2025.
Post-merger, the leadership of the new entity will remain fully composed of American Bitcoin executives, sidelining Gryphon’s original team entirely. The firm will continue operating under the American Bitcoin name and trade on the public market with the ticker ABTC.
Operational Control Stays With Hut 8
Despite the significance of the deal, the press release provided limited clarity on how the merged operation will function. While it noted that Hut 8 will maintain full control over infrastructure and mining operations, it downplayed the extent of the Trump brothers’ involvement.
In fact, the only operational insight came from Hut 8 CEO Asher Genoot, who described the merger as “a strategic step to build a scalable platform for low-cost Bitcoin accumulation.” He added that going public would help unlock dedicated capital, independent of Hut 8’s own balance sheet.
Hut 8 Faces Losses, Seeks Revival Through Branding Power
Still, the financial context for Hut 8 is far from rosy. The company recently reported a 58.1% drop in revenue and a staggering $134 million net loss for Q1 2025, despite previous upgrades and investment. Genoot referred to this as a “deliberate and necessary phase of investment,” framing the merger as a turning point.
Ownership dynamics also add complexity. While 98% of the post-merger company’s shares will go to existing American Bitcoin stakeholders, Hut 8 currently holds an 80% stake. This puts the company in a favorable position to leverage the Trump brand’s visibility and attract new investors once listed.
What Is Gryphon Really Bringing to the Table?
As for Gryphon’s role in the deal, it remains unclear what strategic assets or value it brings. The merger is structured as a stock-for-stock transaction, and Gryphon’s shareholders are expected to own only about 2% of the combined company. Yet the announcement sent Gryphon’s stock soaring more than 200%, prompting skepticism across social media.
In the end, many questions linger about this Trump-backed mining firm, its future business model, and the true nature of the Gryphon merger. More transparency is anticipated as the transaction moves closer to finalization.
