American Bitcoin is going public through a merger with Gryphon Digital Mining, as announced on May 12. The merger is a stock-for-stock transaction that will see the new entity operate under the American Bitcoin brand, led by its board of directors, which includes Eric Trump, son of former President Donald Trump. Following the announcement, Gryphon Digital Mining's stock surged by over 313%. American Bitcoin, a majority-owned subsidiary of Hut 8, aims to position itself as a major player in Bitcoin mining. Hut 8 CEO Asher Genoot stated that going public is expected to provide growth capital while maintaining shareholder exposure to Bitcoin. Post-merger, existing American Bitcoin shareholders will own approximately 98% of the new company, which will continue to rely on Hut 8 for infrastructure management, generating stable revenue streams. The strategic focus on Bitcoin accumulation at scale aims to create the world's largest and most efficient pure-play Bitcoin miner.

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