Hut 8 Subsidiary American Bitcoin Announces Go-Public Transaction

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[{"type":"text","content":"Transaction designed to drive American Bitcoin’s capital markets access and growth trajectory\nMIAMI, May 12, 2025 (GLOBE NEWSWIRE) -- Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing, today announced that its majority-owned subsidiary, American Bitcoin, has entered into a definitive merger agreement to go public with Gryphon Digital Mining, Inc. (Nasdaq: GRYP) (“Gryphon”) pursuant to which Gryphon will acquire American Bitcoin in a stock-for-stock merger transaction. Upon closing, the combined company will operate under the American Bitcoin brand, led by the American Bitcoin board of directors, including Mike Ho, Asher Genoot, Justin Mateen, and Michael Broukhim, and management team, including Mike Ho, Matt Prusak, and Eric Trump. The combined company is expected to trade on Nasdaq under the ticker symbol “ABTC.” The transaction is expected to close as early as Q3 2025. “This transaction marks the next step in scaling American Bitcoin as a purpose-built vehicle for low-cost Bitcoin accumulation at scale,” said Asher Genoot, CEO of Hut 8. “By taking American Bitcoin public, we expect to unlock direct access to dedicated growth capital independent of Hut 8’s balance sheet, while preserving long-term exposure to Bitcoin upside for our shareholders.” Existing stockholders of American Bitcoin are expected to own approximately 98% of the combined company. Immediately following the completion of the transaction, the Company will beneficially own a majority of the issued and outstanding capital stock of the combined company. Following the transaction, Hut 8 will continue to serve as American Bitcoin’s exclusive infrastructure and operations partner through a series of long-term commercial agreements expected to generate stable, contracted revenue streams in Hut 8’s Power and Digital Infrastructure segments. Additional Transaction Information American Bitcoin has made available on its website a presentation with additional information concerning the transaction. Supplemental Materials and Upcoming Communications For important news and information regarding the Company, including investor presentations and timing of future inv...

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