American Bitcoin, Hut 8’s majority-owned device supported by the Trump family will publish via a merger with Gryphon Digital Mining (Gryp).

Shares of Hut 8 Corp. (HUT) jumped 12% in trade before the market, while Gryphon Digital Mining (Gryp) rose more than 200% after the news.

American Data Center, owned by Eric Trump and Donald Trump JR, ​​merged their company with American Bitcoin in March. The Trump brothers own 20% of the US Bitcoin, while Hut 8 has the remaining 80%.

The Stock-for-Stock transaction will result in Gryphon acquiring American Bitcoin, with the combined company adopting the American Bitcoin name and trading with Nasdaq under the ticker “ABTC.”

The merger is expected to close as early as 3 quarter of 2025. American Bitcoin will retain its current leadership and board of directors, including CEO Mike Ho, and remains focused on scaling low costs Bitcoin (BTC) accumulation.

“This transaction marks the next step in scaling American Bitcoin as a custom-built vehicle for cheap Bitcoin accumulation in scale,” said Asher Genoot, CEO of HUT 8. “By taking American Bitcoin public, we expect to lock direct access to dedicated growth capital independent of HUT 8’s balance.”

Following the merger, the existing shareholders of American Bitcoin are expected to own approx. 98% of the new company. Hytte 8 will maintain majority ownership and act as the exclusive infrastructure and operating partner.