Hut 8's subsidiary American Bitcoin will go public through a merger with Nasdaq-traded mining firm Gryphon Digital Mining.
The share swap is expected to close in the third quarter of 2025 following shareholder and regulatory approval.
The combined entity will operate under the American Bitcoin brand (ticker ABTC). "Daughter" Hut 8 will retain its board of directors and management team, which includes US President Donald Trump's son Eric. The company's shareholders will receive a 98% stake in the new structure.
"Taking American Bitcoin public is an important step toward scaling the business at the pace and scale we envision," said Hut 8 CEO Asher Genuth.
According to the press release, the parent company will continue to serve as American Bitcoin's 'exclusive infrastructure and operating partner."
On March 31, Hut 8 announced the creation of a subsidiary that will focus on bitcoin mining.
Prior to that, the firm took an 80% stake in American Data Centers in exchange for nearly its entire fleet of miners, which was backed by a group of investors led by Eric Trump and Donald Trump, Jr. As part of the deal, the company was relaunched as American Bitcoin.
The company announced going public in April without disclosing details. Taking over as chief strategy officer Eric Trump said at the time:
"We are going to be the greatest bitcoin mining company in the world, and we are doing it here in America."
He assured that he does not work with the White House and has "virtually" no contact with his father.
Based in Canada, Hut 8 is listed on the Toronto Stock Exchange and Nasdaq. In 2023, the firm moved to the United States after the takeover of US Bitcoin.
Genuth, at the prospect of American Bitcoin becoming a public company, suggested that the two firms should be viewed as "sister firms." One of them will deal with "energy and data center infrastructure," while the other will deal with "bitcoin, ASICs and cryptocurrencies.
According to Bitcoin Treasuries, as of this writing, Hut 8 owns 10,237 BTC worth $1.07 billion.
Trump's family gained control of World Liberty Financial
US President Donald Trump's family consolidated control of DeFi platform World Liberty Financial (WLF), which raised through tokensales $590 million. This was reported by Reuters.
In January, the company disclosed that the two co-founders, crypto entrepreneurs Zachary Folkman and Chase Herro, were no longer controlling parties. They have been replaced by the legal entity WLF Holdco, which is 60% owned by Trump-affiliated DT Marks DEFI.
Presented in September 2024, WLF is positioned as a cryptobank whose customers can borrow, lend and invest in digital coins. The project has not yet started its announced activities, but has conducted a sale of governance tokens to WLFI.
Approximately 85,000 investors participated in the asset's two tokensales. About 75% of the funds raised came from wallets that spent at least $100,000, and over half came from purchases of $1 million or more. Most of the major investors chose to remain anonymous. TRON founder Justin Sun is known to have invested $30 million in WLFI.
In total, the Trump family is now entitled to about 75% of the net income and 60% of the DeFi platform's operations once the core business is up and running. According to Reuters, the crypto venture will be left with 5% of the $590 million raised after WLF's co-founders receive their stake.
Experts interviewed by the publication noted the unusual level of centralization of WLF for the industry. They drew attention to the transfer of a significant share of revenues to Trump-affiliated structures and the non-traded nature of WLFI.
