Trump-Linked Bitcoin Miner Charges Toward Nasdaq Listing via SPAC Deal
A Bitcoin mining operation with ties to the Trump family is gunning for a Nasdaq listing—because what better way to capitalize on crypto mania than a SPAC merger during peak election season?
The move signals mining’s march into mainstream finance, even as energy-guzzling operations face mounting scrutiny. Wall Street’s latest crypto play: betting on political connections over fundamentals.
One thing’s certain: When politics and proof-of-work collide, the market never fails to produce theater—and another chance for insiders to cash out while retail piles in.
Trump-backed American Bitcoin secures Nasdaq listing via Gryphon Digital merger
American Bitcoin, a Trump-linked mining venture, will go public under the ticker “ABTC” after merging with Nasdaq-listed Gryphon Digital Mining. The all-stock deal, announced Monday, aims to accelerate the company’s bitcoin accumulation strategy and boost infrastructure scale across the United States. The merger is expected to close in Q3 2025, pending regulatory approvals.
“This transaction marks the next step in scaling American Bitcoin as a purpose-built vehicle for low-cost Bitcoin accumulation at scale,” said Hut 8 CEO Asher Genoot.
Post-merger, American Bitcoin stockholders will retain 98% of the combined company, with Hut 8 continuing as the majority shareholder.
Hut 8 retains control and secures long-term infrastructure role
According to the merger filings, Hut 8 will remain the exclusive infrastructure and operations partner of American Bitcoin, locking in commercial agreements that provide recurring revenue across its power and digital units. The company formed American Bitcoin in March via a merger with American Data Centers (ADC), a venture led by Eric TRUMP and Donald Trump Jr.
Eric Trump will join the new entity’s leadership, alongside directors Mike Ho, Justin Mateen, and Michael Broukhim. The combined operation positions itself as a low-cost accumulation vehicle at the intersection of Bitcoin mining and U.S. infrastructure, leveraging public capital markets for expansion.
What’s next?
The listing positions American Bitcoin to tap into U.S. capital markets, while reinforcing institutional enthusiasm for crypto-native firms. With Hut 8 holding over 10,000 BTC and retaining 80% equity in the merged company, the structure preserves long-term Bitcoin upside for shareholders without burdening its balance sheet.
Bitcoin (BTC) price action today
Bitcoin hit an intraday peak of $105,800 on Binance before retreating to $101,809 — down 3% on the day.
Bitcoin price action, May 12, 2025 | Source: Coingecko
The pullback signals moderate profit-taking following last week’s surge, though steady buy orders at the $101K level suggest underlying support. Volatility remains elevated amid structural shifts in mining and capital flows.
