Gryphon Digital Mining plans to merge with Trump-associated American Bitcoin in September, with its shares surging 231% since the announcement in May.
Gryphon’s shares increased by 42.1% on Thursday, reaching $1.75 from $1.35, according to Google Finance. This surge was driven by American Bitcoin’s major investor, Hut 8 CEO Asher Genoot, stating to Reuters that the merger is expected to conclude shortly, with trading set to commence in early September.
As per the Reuters report, the merger will be entirely stock-based. The new entity will continue under the name American Bitcoin, with its two founders—Eric Trump and Donald Trump, Jr.—and Hut 8 owning 98% of the organization.
Gryphon Digital Mining’s share price on Thursday. Source: Google Finance
Anchor investors have been confirmed. American Bitcoin counts Cameron and Tyler Winklevoss, the co-founders of the cryptocurrency exchange Gemini, among its investors. Cointelegraph reached out to American Bitcoin for comments but had not received a response by publication time.
American Bitcoin has been discreetly building a Bitcoin (BTC) treasury. It has also procured Bitcoin mining equipment and aims to acquire a company in Asia to expand its BTC holdings.
Related: Trump-linked American Bitcoin raises $220M for mining, treasury
Policy tone shift prompts IPOs
American Bitcoin is entering the public market as numerous crypto companies embark on a similar journey. Circle went public in June 2025, with its stock rising 167% on the debut day. Cryptocurrency exchange Bullish went public in August, with its stock jumping as high as 218% upon debut.
In December 2024, crypto asset management firm Bitwise predicted that 2025 would be the year for crypto initial public offerings. Other companies rumored to be gearing up for an IPO include Gemini, which has submitted an IPO preparatory form to the US Securities and Exchange Commission, and cryptocurrency exchange Kraken.
The surge of crypto firms going public in the United States coincides with a shift in digital asset policy in the nation. On March 6, US President Donald Trump signed an executive order establishing a national strategic Bitcoin reserve and digital asset stockpile. On July 18, he enacted the GENIUS Act, regulating stablecoins and their issuers.
Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
