American Bitcoin, Hut 8’s majority-owned unit backed by the Trump family, will go public via a merger with Gryphon Digital Mining (GRYP). Shares of Hut 8 Corp. (HUT) jumped 12% in pre-market trading, while Gryphon Digital Mining (GRYP) soared more than 200%, following the news.

Key Takeaways American Bitcoin, the bitcoin mining company co-founded by Eric Trump, will go public through a merger with another mining firm, Gryphon Digital Mining.The new company will be named American Bitcoin and is expected to trade on the Nasdaq.

Hut 8’s majority-owned subsidiary American Bitcoin has announced plans to go public in a stock-for-stock merger with cryptocurrency mining firm Gryphon Digital. The company acquired a majority stake in American Bitcoin in April, joining forces with its management team, which includes the son of President Donald Trump, Eric Trump.