Gryphon Digital Mining is set to merge with Trump-linked American Bitcoin in September, with its shares already up 231% since the May announcement.
Gryphon’s shares jumped 42.1% on Thursday to $1.75 from $1.35, according to Google Finance. The rally came as American Bitcoin’s largest investor, Hut 8 CEO Asher Genoot, told Reuters the merger between American Bitcoin and Gryphon is expected to be finalized soon, with trading set to begin in early September.
According to the Reuters report, the merger will be all-stock. The new entity will retain the name American Bitcoin, and its two founders — Eric Trump and Donald Trump, Jr. — and Hut 8 will own 98% of the entity.
Anchor investors have been finalized. Two investors in American Bitcoin are Cameron and Tyler Winklevoss, the co-founders of cryptocurrency exchange Gemini. Cointelegraph reached out to American Bitcoin for comment, but had not received a reply at time of publication.
American Bitcoin has been quietly accumulating Bitcoin (BTC), forming a de facto BTC treasury. It has also purchased Bitcoin mining equipment and is looking to acquire a company in Asia to grow its BTC reserves.
Policy tone shift prompts IPOs
American Bitcoin is going public as more crypto companies follow the same path. Circle went public in June 2025, and its stock rose 167% on the day of its debut. Cryptocurrency exchange Bullish went public in August, and its stock jumped as high as 218% on its debut.
In December 2024, crypto asset management company Bitwise predicted that 2025 would be the year of the crypto initial public offering. Other companies rumored to be preparing for an initial public offering are Gemini, which has filed an IPO preparatory form with the US Securities and Exchange Commission, and cryptocurrency exchange Kraken.
The wave of crypto companies going or preparing to go public in the United States has coincided with a turnaround in digital asset policy in the country. On March 6, US President Donald Trump signed an executive order creating a national strategic Bitcoin reserve and digital asset stockpile. On July 18, he signed the GENIUS Act, which regulates stablecoins and their issuers, into law.