Trump family supports Bitcoin mining company to go public through backdoor listing, Gryphon stock price surges by more than 300%

Hut 8 (HUT), a US-listed Bitcoin mining company, announced on May 12 that its holding subsidiary American Bitcoin Corp. ("American Bitcoin") has signed a final merger agreement with Nasdaq-listed Gryphon Digital Mining (GRYP). The transaction is widely regarded as a "backdoor listing" and is expected to be completed in the third quarter of 2025. Driven by this good news, Gryphon's stock price once soared nearly 280% before the market opened, and the cumulative increase in five days exceeded 330%.

The post-merger operating structure is clear, and the Trump family appears in the management

According to the agreement, the merged company will continue to operate under the "American Bitcoin" brand and will be traded on Nasdaq with the stock code "ABTC". The management lineup is quite interesting: Executive Chairman Mike Ho, Hut 8 current CEO Asher Genoot, Tinder co-founder Justin Mateen, and FabFitFun co-founder Michael Broukhim will form the board of directors, and the core management team includes Mike Ho (CEO), Matt Prusak (COO) and Eric Trump (CSO).

Eric Trump is not only the son of US President Trump, but also one of the co-founders of American Bitcoin, responsible for the company's strategic planning and capital market layout. It is reported that another important shareholder of American Bitcoin is Donald Trump Jr. The two jointly hold 20% of the shares of the merged new company through their partner American Data Centers, strengthening the close ties between the company and the Trump family.

Hut 8 provides operational support and continues to hold shares

Hut 8 will continue to provide key mining support including ASIC mining machines and data centers as the exclusive infrastructure and operating partner of American Bitcoin. After the merger is completed, the original shareholders of American Bitcoin will retain about 98% of the shares. Hut 8 CEO Asher Genoot said that this move will help introduce independent financing channels for American Bitcoin without increasing the asset-liability pressure of Hut 8, accelerating its expansion in the United States.

American Bitcoin has a high-profile positioning, a short establishment time but a strong background

American Bitcoin was established in March 2025 and is positioned as a company focused on Bitcoin mining and asset reserves. The company is headquartered in the United States and was co-founded by Hut 8 and American Data Centers, with the former holding 80% and the latter holding 20%. Although it was established not long ago, with the hardware foundation of Hut 8 and the capital and political resources of the Trump family, its capital market prospects are widely optimistic.

Gryphon as a "springboard", sustainable mining strategy has attracted attention

As the counterparty of the transaction, Gryphon Digital Mining is a small mining company mainly engaged in sustainable mining technology. This merger makes it a "springboard" for American Bitcoin to enter the capital market. After the news of the merger came out, Gryphon's stock rose to $1.3 before the market opened on May 12, a nearly 150% increase from $0.52 on May 9, and a cumulative increase of more than 330% as of press time.

With the deep involvement of the Trump family, the market's increased attention to Bitcoin mining companies, and the capitalization benefits brought by the merger, American Bitcoin is expected to become a new force in the field of Bitcoin infrastructure in the United States in the future.