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

By Adriano MarcheseGryphon 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 [email protected]