Gryphon Digital Mining (GRYP) is racing to complete its merger with American Bitcoin Corporation (ABTC), a venture co-founded by Eric Trump, Donald Trump Jr., and Hut 8. Since the deal was announced on May 12, 2025, GRYP shares have surged more than 200%, reflecting market excitement over the high-profile bitcoin mining play. Now, as the special shareholder meeting approaches, investors wonder: Should they buy more GRYP to gain greater exposure to the Trump family's bitcoin bet?
What Is American Bitcoin (ABTC)?
American Bitcoin Corp was formed on March 31, 2025, when a Hut 8 subsidiary contributed all its ASIC miners to American Data Centers Inc. (ADC) in exchange for an 80% stake. ADC immediately renamed itself American Bitcoin Corporation. Donald Trump Jr. and Eric Trump are key members of ADC. Since inception, ABTC has raised $220.1 million, acquired approximately 1,726 bitcoins, purchased roughly 16,299 next-gen ASIC miners, and assumed an option for up to 17,280 units from Zephyr. Its stated goal: to build the world's largest and most efficient pure-play bitcoin miner while maintaining a robust strategic bitcoin reserve.
Market Reaction and Risks
The merger offers different outcomes for each party. For Hut 8, it allows a refocus on energy infrastructure while retaining long-term bitcoin upside. For ABTC, it provides a fast track to Nasdaq via reverse merger, bypassing IPO delays. For Gryphon, it's an escape from delisting threats and competitive irrelevance. However, current GRYP holders will only own about 2% of the combined entity, meaning massive dilution. The price spike is driven more by narrative than fundamentals. Investing now is purely speculative, hinging on deal execution, Trump brand sustainability, and bitcoin volatility.
Ultimately, this is one of the most intriguing deals in mining today. Whether to add positions before close depends on your conviction in the Trump narrative and ABTC's long-term promise. The upside is real, but so is the uncertainty.