The new Bitcoin mining company backed by Hut 8 and the Trump family is coming to the Nasdaq next.

What’s happening:

• American Bitcoin has announced a merger agreement with Gryphon Digital Mining (NASDAQ: GRYP) to go public on the Nasdaq

By the numbers:‍

• American Bitcoin shareholders will own 98% of the company following the completion of the merger
• Gryphon Digital Mining shareholders will own 2% of the newly combined company following the successful completion of the merger

Why it matters:‍

• American Bitcoin Corp is a subsidiary of Hut 8 (NASDAQ: HUT) and is co-founded by Eric Trump and Donald Trump Jr

Going deeper:‍

• Hut 8 previously made waves when they contributed 61,000 ASIC mining rigs to American Bitcoin in exchange for an 80% equity stake in the company

The fine print:

• The merger between Gryphon Digital Mining and American Bitcoin will still ultimately require approval from the United States Securities and Exchange Commission before it can officially close