American Bitcoin, a Bitcoin mining company, has announced its decision to go public through a merger with Gryphon Digital Mining, a crypto mining firm, as reported on May 12. The merger involves Gryphon Digital Mining acquiring American Bitcoin in a stock-for-stock transaction, leading to the formation of a new company operating under the American Bitcoin brand. Notably, the board of directors will include Eric Trump, the second-eldest son of US President Donald Trump. The announcement of the merger coincided with a significant increase in Gryphon Digital Mining’s stock price, rising from $0.52 on May 9 to $2.15, marking a 313% gain. This development follows reports from early April indicating American Bitcoin’s contemplation of an initial public offering (IPO). American Bitcoin, a subsidiary of Hut 8, aims to facilitate low-cost Bitcoin accumulation on a large scale. Hut 8 CEO Asher Genoot emphasized the company’s objective to provide direct access to growth capital while maintaining long-term exposure to Bitcoin’s potential upside for shareholders. After the merger, existing American Bitcoin shareholders are expected to own approximately 98% of the newly formed entity, with Hut 8 continuing to oversee infrastructure and operations through commercial agreements. These agreements are anticipated to generate stable revenue streams for Hut 8’s power and digital infrastructure sectors. American Bitcoin, backed by members of the Trump family, including Donald Trump Jr. and Eric Trump, was originally known as American Data Center and was acquired by Hut 8 in March. The company’s focus is on becoming a leading and efficient Bitcoin miner while establishing a strategic Bitcoin reserve.