Trump-Backed Bitcoin Miner Charges Toward IPO: Updated SEC Filing Signals Crypto Political Clout
The Trump family doubles down on digital assets as their mining venture files amended S-4 paperwork—Wall Street braces for the first 'MAGA coin' adjacent stock.
Key Details:
- Former president's mining operation clears regulatory hurdle with revised SEC submission
- Move coincides with growing Republican embrace of crypto as 2024 election looms
- Industry watchers note timing—just as Bitcoin reclaims $60K
The filing reveals what crypto skeptics feared: political heavyweights now see mining as the new printing press. One Goldman analyst quipped, 'At least this bubble creates jobs—unlike their casino resorts.'
American Bitcoin Corp
American Bitcoin Corp. was launched in March as a majority-owned subsidiary of the energy and infrastructure company Hut 8. Initial statements indicated Hut 8 WOULD hold an 80% ownership stake.
The remaining 20% interest is held by the founding partners, which includes Eric TRUMP and Donald Trump Jr. However, the exact breakdown of this minority stake among the different partners has not been made public.
The combined company’s leadership will be drawn from American Bitcoin. Matt Prusak, who started his entrepreneurial career selling COVID tests, will serve as CEO, and Eric Trump will serve as Chief Strategy Officer.
In a statement, Matt Prusak, CEO of American Bitcoin, framed the transaction as a MOVE to create a significant, publicly traded Bitcoin accumulation platform. Prusak stated,
“The space has been fragmented. It’s over a dozen public miners. But what’s interesting about that kind of fragmentation is that it creates opportunity for category leader. Somebody really be that pure play. Give Bitcoin exposure, give hash rate exposure.”
He emphasized the company’s asset-light model, which leverages a strategic partnership with Hut 8 Corp. for operations and infrastructure, as a key component of its strategy to accumulate Bitcoin efficiently.
Merger and public listing
For Gryphon, the merger offers a path to increased scale and market presence. Rob Chang, Gryphon’s former CEO, noted the benefits for his company’s shareholders. Current CEO, Asher Genoot, commented,
“Taking American Bitcoin public is a critical step toward scaling the business at the pace and magnitude we envision.”
Gryphon brings its existing digital asset mining operations to the new entity, including a self-mining hashrate of 899 petahash per second as of the second quarter 2024. The company has focused on utilizing renewable and low-cost energy sources, including a recent acquisition of a natural gas asset in Canada to power its operations.
This merger occurs within a broader context of consolidation in the U.S. Bitcoin mining sector. After last year’s halving event, which reduced mining rewards, many operators face increased economic pressure.
This environment has spurred a wave of mergers and acquisitions as companies seek to achieve greater scale, operational efficiency, and access to capital to remain competitive. The formation of American Bitcoin directly reflects this industry trend and the Trump family’s focus on crypto ventures, combining Gryphon’s operational assets with American Bitcoin’s strategic vision and access to capital markets.
The amended S-4 filing provides detailed information about the proposed merger and is a procedural step toward the deal’s finalization. The completion of the transaction remains subject to the registration statement becoming effective with the SEC and approval from the shareholders of both companies.
