Key Takeaways
- American Bitcoin is merging with Gryphon Digital Mining in a bid to unlock market entry.
- Hut 8 will preserve a majority stake and stay the unique infrastructure companion for American Bitcoin.
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American Bitcoin, a newly established Bitcoin mining entity backed by Bitcoin miner Hut 8 and Trump-led American Knowledge Facilities, will go public by a stock-for-stock merger with Nasdaq-listed Gryphon Digital Mining, in keeping with a Monday announcement from Hut 8.
The merger is anticipated to shut as early as Q3 2025, topic to customary approvals. Put up-merger, the mixed entity will function beneath the American Bitcoin model and commerce on Nasdaq beneath the ticker “ABTC.”
The transfer is designed to speed up American Bitcoin’s scale and positioning as a low-cost car for Bitcoin accumulation and infrastructure growth within the US. By this merger, Hut 8 goals to unlock new development capital impartial of its personal steadiness sheet whereas sustaining publicity to long-term upside within the Bitcoin market.
“This transaction marks the following step in scaling American Bitcoin as a purpose-built car for low-cost Bitcoin accumulation at scale,” mentioned Asher Genoot, CEO of Hut 8, in a press release.
“By taking American Bitcoin public, we anticipate to unlock direct entry to devoted development capital impartial of Hut 8’s steadiness sheet, whereas preserving long-term publicity to Bitcoin upside for our shareholders,” he added.
The merged firm shall be led by American Bitcoin’s current board of administrators, together with Mike Ho, Asher Genoot, Justin Mateen, and Michael Broukhim, with Eric Trump becoming a member of the administration crew.
Current American Bitcoin stockholders are anticipated to retain roughly 98% possession of the mixed firm. Hut 8 will preserve a majority stake within the mixed firm’s issued and excellent capital inventory after the merger.
Hut 8 will retain a long-term position as American Bitcoin’s unique infrastructure and operations companion. This relationship, secured by prolonged business agreements, is anticipated to generate regular income for Hut 8’s Energy and Digital Infrastructure divisions.
Hut 8 introduced the formation of American Bitcoin in late March by a strategic, cashless merger with American Knowledge Facilities (ADC), an AI infrastructure agency based by Dominari Holdings in collaboration with Eric Trump and Donald Trump Jr.
As a part of the settlement, Hut 8 retains an 80% possession stake, whereas the Trump-affiliated ADC holds the remaining 20%.
In keeping with information tracked by Bitcoin Treasuries, Hut 8 at present holds 10,273 Bitcoin, value round $841 million. This constitutes practically 0.05% of the full Bitcoin provide and ranks the corporate because the sixth-largest public company holder of Bitcoin.
Reverse mergers and SPAC-like constructions are more and more common amongst Bitcoin-centric entities seeking to scale rapidly and entry the capital markets.
Final week, Try Asset Administration, backed by Vivek Ramaswamy, introduced a merger with Asset Entities to kind a public Bitcoin treasury car aiming to boost as much as $1 billion.
BTC Inc. CEO David Bailey launched Nakamoto, a $300 million Bitcoin funding agency, with plans to go public through a Nasdaq merger by summer time.
These developments observe the launch of Twenty One, a Bitcoin-native monetary agency led by Jack Mallers, backed by Cantor Fitzgerald, Tether, and SoftBank, with ambitions to build up greater than 42,000 BTC.
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