Investing.com -- American Bitcoin, a subsidiary majorly owned by Hut 8 Corp (NASDAQ:HUT), has announced a merger with Gryphon Digital Mining.
The merger will result in American Bitcoin going public, and Gryphon will acquire the company in an all-stock transaction. Following the announcement, Gryphon’s shares experienced a significant 255% rise in premarket trading.
The newly merged entity will continue to operate under the American Bitcoin brand. It is expected to be listed on the Nasdaq exchange with the ticker symbol "ABTC". The merger deal is scheduled to be finalized as early as the third quarter of 2025.
Post-merger, existing shareholders of American Bitcoin are projected to own roughly 98% of the combined company. The leadership of the new entity will be taken over by the board of directors from American Bitcoin.
The board includes Mike Ho, Asher Genoot, Justin Mateen, and Michael Broukhim. The management team will also be from American Bitcoin, featuring Mike Ho, Matt Prusak, and Eric Trump.
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