Gryphon Digital Mining, Inc. (NASDAQ: GRYP) announced a definitive all-stock merger with American Bitcoin, a Trump family-affiliated entity majority owned by Hut 8.

Gryphon Digital Mining, Inc. (NASDAQ:GRYP) shares are trading higher premarket at the last check on Monday after it disclosed a definitive stock-for-stock merger deal with American Bitcoin, a majority-owned subsidiary of Hut 8 Corp. (NASDAQ:HUT) for an undisclosed amount.

Upon closing, the combined entity will operate under the American Bitcoin brand and is expected to trade on Nasdaq under the ticker “ABTC.”

Notably, in collaboration with Eric Trump, Hut 8 launched American Bitcoin earlier this year.

This venture aims to establish the world’s largest and most efficient pure-play Bitcoin mining operation, complemented by a substantial strategic Bitcoin reserve.

American Bitcoin is specifically designed to facilitate Bitcoin accumulation at scale through cost-effective mining practices and other synergistic strategies.

The transaction is projected to close as early as the third quarter of 2025, contingent upon fulfilling certain closing conditions.

Upon the transaction’s completion, it is anticipated that existing Gryphon stockholders will hold roughly 2% of the combined company, while former American Bitcoin stockholders will own approximately 98%.

Asher Genoot, Board Member of American Bitcoin and CEO of Hut 8 said, “Time-to-market was a critical factor, and this transaction enables an efficient path to public markets by combining with an entity that is structurally aligned with American Bitcoin’s mining-focused launch strategy.”

As of March 31, cash and cash equivalents stood at $735k.

Price Action: GRYP shares are up 303.9% to $2.10 premarket at the last check on Monday.