Trump-Linked Bitcoin Miner Nears Nasdaq Debut as Gryphon Sets August Merger Vote

American Bitcoin Corporation (ABC), a Bitcoin mining company backed by the Trump family and Hut 8, has moved closer to its public debut. Nasdaq-listed Gryphon Digital Mining has set August 27 as the date for shareholders to vote on the proposed stock merger with ABC, according to SEC filings.

The Securities and Exchange Commission’s approval of the Form S-4 registration statement has cleared a major regulatory hurdle for the transaction. These recent developments were initially reported by TheMinerMag.

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The deal, backed by Trump-linked investment bank will form "Tron Inc." with Eric Trump expected to take a role. pic.twitter.com/kLyHfAvJyc

— Cointelegraph (@Cointelegraph) June 16, 2025

Merger Details and Strategic Vision

The merger agreement, which was first announced in May, will result in the combined company operating under the American Bitcoin name and trading on Nasdaq with the ticker symbol ‘ABTC’. This public listing aims to provide American Bitcoin with greater resources for cost-effective Bitcoin accumulation and expanding mining infrastructure across the United States.

According to the prospectus, the company currently operates approximately 10.17 EH/s of Bitcoin hashrate with a weighted average fleet efficiency of 21.2 J/TH as of May 30. The company has set ambitious growth targets, planning to scale up to 25 EH/s of hashrate capacity, which includes a potential agreement to acquire 15 EH/s of hosted capacity from Hut 8 for Bitmain mining equipment.

Ownership Structure and Bitcoin Holdings

Following the completion of the merger, American Bitcoin shareholders are expected to control approximately 98% of the new entity. Hut 8 will retain its position as the majority stakeholder and will continue serving as the exclusive infrastructure and operations partner for the mining operations.

The company maintains a Bitcoin treasury of 215 BTC, which was valued at roughly $24 million according to a June disclosure statement.

Potential Market Implications

The merger could bring additional attention to the Bitcoin mining sector, particularly given the Trump family’s backing. The transaction represents another step in the ongoing consolidation within the cryptocurrency mining industry.