American Bitcoin, a Bitcoin mining company launched earlier this year by Hut 8 Mining Corp (TSX:HUT) and backed by Donald Trump’s sons Eric Trump and Donald Trump Jr, will go public via a stock-for-stock merger with Gryphon Digital Mining.
Shares of Gryphon added 170% in the early afternoon on Monday.
Gryphon will acquire American Bitcoin and the combined company will operate under the American Bitcoin Brand, led by its management team, the company said.
It is expected to trade on the Nasdaq under the ticker symbol “ABTC.”
Current Gryphon stockholders will hold approximately 2% of the combined company, and former American Bitcoin stockholders will own approximately 98%.
"Taking American Bitcoin public is a critical step toward scaling the business at the pace and magnitude we envision," Hut 8 CEO and American Bitcoin board member Asher Genoot said in a statement.
"Time-to-market was a critical factor, and this transaction enables an efficient path to public markets by combining with an entity that is structurally aligned with American Bitcoin's mining-focused launch strategy."
Gryphon CEO Steve Gutterman added: “The Gryphon team is pleased to offer our stockholders the opportunity to participate in what we believe will be the next era of public Bitcoin mining through this combination.”