Bitcoin mining company GRYP shares rise by more than 171%: to merge with the company founded by Trump's son

Source: The Paper

The Trump family continues to take action in the cryptocurrency market and capital markets.

On the evening of May 12, Bitcoin mining company Gryphon Digital Mining Inc (NASDAQ: GRYP) soared after the opening of the US stock market. The stock price triggered circuit breakers several times, once rising by more than 440%. As of the close, GRYP rose 171.15%.

On the news front, on May 12 local time, Hut 8 Corp. (NASDAQ: HUT) issued a statement saying that its subsidiary American Bitcoin will be listed on the Nasdaq Exchange through a stock merger with GRYP. The transaction is expected to be completed in the third quarter of 2025. After the merger, the new company will operate under the American Bitcoin brand. The 98% stake in the new company is expected to be held by existing American Bitcoin shareholders.

According to the official website of American Bitcoin, the company was formerly American Data Centers, Inc., founded by investors such as Eric Trump, Donald Trump Jr., sons of US President Trump. In March this year, Hut 8 announced the establishment of American Bitcoin as its holding subsidiary, focusing on industrial-scale Bitcoin mining and strategic Bitcoin reserve development. American Bitcoin was renamed by American Data Centers, Inc.

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