Trump-Backed American Bitcoin Nears Public Listing as Gryphon Sets Merger Vote Schedule
American Bitcoin Corporation (ABC), the Trump family-backed Bitcoin mining firm, is nearing completion of its backdoor merger with Gryphon Digital Mining to go public on Nasdaq.
On July 31, Gryphon filed a proxy statement with the U.S. Securities and Exchange Commission (SEC), officially setting a shareholder vote on the proposed merger for August 27. The SEC also declared effective the Form S-4 registration statement outlining the transaction, a key regulatory approval that clears the path for the deal to proceed.
First announced in May, the merger would result in ABC combining with Gryphon, a publicly traded Bitcoin miner listed on Nasdaq under the ticker “GRYP.” In preparation for the deal, ABC raised $220 million in a private equity placement last month.
ABC is a newly formed proprietary mining subsidiary of Hut 8 (NASDAQ: HUT) Corp. Following its carve-out in April, Hut 8 transferred its proprietary mining equipment to ABC, which now hosts the machines at Hut 8’s infrastructure facilities.
According to the prospectus, ABTC owns about 10.17 EH/s of bitcoin hashrate with a weighted average fleet efficiency of 21.2 J/TH as of May 30, but it did not specify the operating capacity or any bitcoin production in recent months.
ABC is backed by the sons of U.S. President Donald Trump. Eric Trump is expected to hold a $367 million stake in the company once it completes its Nasdaq listing.
As previously reported, ABC is targeting 25 EH/s of hashrate capacity, including an option to purchase 15 EH/s of hosted capacity from Hut 8 for Bitmain machines.
