The Trump household’s American Bitcoin Corp. and Gryphon Digital Mining have filed an amended S-4 registration assertion with the U.S. Securities and Alternate Fee, shifting ahead on the general public itemizing for the mixed entity.
The submitting advances a beforehand introduced stock-for-stock merger that can outcome within the formation of a brand new publicly traded firm, American Bitcoin, anticipated to commerce on Nasdaq beneath the ticker image “ABTC”.
The transaction, focused to shut as early because the third quarter of 2025, will see Gryphon merge with a subsidiary of American Bitcoin, making American Bitcoin the brand new public father or mother firm. Per the merger settlement, current American Bitcoin shareholders will personal roughly 98% of the brand new entity, with Gryphon shareholders holding the remaining 2%.
American Bitcoin Corp
American Bitcoin Corp. was launched in March as a majority-owned subsidiary of the power and infrastructure firm Hut 8. Preliminary statements indicated Hut 8 would maintain an 80% possession stake.
The remaining 20% curiosity is held by the founding companions, which incorporates Eric Trump and Donald Trump Jr. Nonetheless, the precise breakdown of this minority stake among the many completely different companions has not been made public.
The mixed firm’s management will probably be drawn from American Bitcoin. Matt Prusak, who began his entrepreneurial profession promoting COVID checks, will function CEO, and Eric Trump will serve as Chief Technique Officer.
In an announcement, Matt Prusak, CEO of American Bitcoin, framed the transaction as a transfer to create a big, publicly traded Bitcoin accumulation platform. Prusak said,
“The house has been fragmented. It’s over a dozen public miners. However what’s fascinating about that type of fragmentation is that it creates alternative for class chief. Anyone actually be that pure play. Give Bitcoin publicity, give hash price publicity.”
He emphasised the corporate’s asset-light mannequin, which leverages a strategic partnership with Hut 8 Corp. for operations and infrastructure, as a key element of its technique to accumulate Bitcoin effectively.
Merger and public itemizing
For Gryphon, the merger affords a path to elevated scale and market presence. Rob Chang, Gryphon’s former CEO, famous the advantages for his firm’s shareholders. Present CEO, Asher Genoot, commented,
“Taking American Bitcoin public is a essential step towards scaling the enterprise on the tempo and magnitude we envision.”
Gryphon brings its current digital asset mining operations to the brand new entity, together with a self-mining hashrate of 899 petahash per second as of the second quarter 2024. The corporate has centered on using renewable and low-cost power sources, together with a current acquisition of a pure fuel asset in Canada to energy its operations.
This merger happens inside a broader context of consolidation within the U.S. Bitcoin mining sector. After final 12 months’s halving occasion, which diminished mining rewards, many operators face elevated financial stress.
This surroundings has spurred a wave of mergers and acquisitions as firms search to attain larger scale, operational effectivity, and entry to capital to stay aggressive. The formation of American Bitcoin straight displays this business pattern and the Trump household’s give attention to crypto ventures, combining Gryphon’s operational property with American Bitcoin’s strategic imaginative and prescient and entry to capital markets.
The amended S-4 submitting supplies detailed details about the proposed merger and is a procedural step towards the deal’s finalization. The completion of the transaction stays topic to the registration assertion turning into efficient with the SEC and approval from the shareholders of each firms.
