To The Moon

—Trump brothers take Gryphon Digital Mining public via all-stock merger to create “pure-play” Bitcoin vehicle

August 29, 2025 — Hong Kong & New York — American Bitcoin (ABTC), the Bitcoin mining-and-treasury company co-founded by Donald Trump Jr. and Eric Trump, is set to begin trading on the Nasdaq in early September under the ticker ABTC after completing an all-stock merger with Nasdaq-listed Gryphon Digital Mining. The transaction will leave the Trump brothers and Hut 8 Corp., the North-American miner that seeded ABTC, with roughly 98 % of the combined company, while Gryphon shareholders retain about 2 %.

Donald Trump Jr. and Eric Trump gesture outside the Nasdaq building after ringing the opening bell to celebrate the closing of ALT5’s $1.5 billion offering and adoption of its $WLFI Treasury Strategy at the Nasdaq Market, in New York City, U.S., August 13, 2025.

A Reverse Merger, Not an IPO

Rather than pursue a traditional IPO, ABTC is taking the faster route to public markets by merging into Gryphon, a thinly traded Bitcoin miner that listed on the Nasdaq via SPAC in 2021. The deal, approved by Gryphon shareholders on August 27, is expected to close within days and will automatically up-list ABTC to the main board without the lengthy review process required for an initial offering.

Asher Genoot, CEO of Hut 8 and incoming CEO of the combined entity, told the Bitcoin Asia conference in May that the merger had already secured anchor commitments from both crypto-native and traditional investors. “We are giving public-market investors direct exposure to the purest Bitcoin treasury vehicle on Earth,” Genoot said. According to filings, Gemini co-founders Cameron and Tyler Winklevoss have also agreed to take a stake.

Hut 8 Pivots to Infrastructure, ABTC Becomes the “Bitcoin Bank”

Since March 2025, when Hut 8 spun off 80 % of ABTC to the Trump brothers, the parent company has shifted its focus to energy infrastructure and data-center real estate, leasing space and power back to ABTC. The new structure separates capital-intensive mining sites from the treasury entity, allowing ABTC to concentrate on expanding its Bitcoin holdings through both self-mining and open-market purchases.

Global Expansion on the Horizon

Genoot confirmed that ABTC is in “advanced talks” to acquire mining assets in Hong Kong and Japan to serve investors who cannot easily access U.S. equities. The company plans to fund expansion by issuing additional equity post-listing, leveraging its new public currency.

Political Spotlight

With President Trump pushing a pro-crypto legislative agenda, the listing is likely to be viewed as a litmus test for the administration’s stance on digital-asset conflicts of interest. The White House has denied any preferential treatment, noting that ABTC is a privately funded enterprise.

Key Dates

• March 2025 – American Bitcoin incorporated; Hut 8 owns 80 %

• May 12 – Merger with Gryphon announced, targeting Q3 close

• August 27 – Gryphon shareholders vote yes

• Early September – Expected Nasdaq listing under ticker ABTC (subject to final regulatory sign-off)

Market Implications

Trading desks are already preparing for a volatile debut. With 98 % of the float locked up by insiders and Hut 8, daily liquidity could be thin, amplifying price swings. Yet the Trump brand, Hut 8’s mining pedigree and marquee backers have analysts calling ABTC one of the most anticipated crypto listings of 2025.

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