American Bitcoin to Go-Public in Deal with Gryphon Digital Mining

Dow Jones

May 12

By Adriano Marchese

Gryphon Digital Mining has agreed to acquire Hut 8's subsidiary American Bitcoin in a go-public transaction.

The transaction would be completed by way of a stock-for-stock transaction in the third quarter of this year, Hut 8 said Monday.

Existing stockholders of American Bitcoin are expected to own about 98% of the combined company.

Hut 8 launched American Bitcoin earlier in the year with the aim of creating a pure-play bitcoin miner with a strong bitcoin reserve.

Shares of Gryphon Digital Mining more than tripled to 52 cents in premarket trading while Hut 8 shares fell 2% to $13.89.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

May 12, 2025 06:57 ET (10:57 GMT)

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