Gryphon Digital Mining (NASDAQ:GRYP) shares surged 328% in Monday morning trading after announcing its all-stock merger with American Bitcoin, a bitcoin (BTC-USD) mining firm backed by U.S. President Donald Trump's two eldest sons.

Hut 8’s majority-owned subsidiary American Bitcoin has announced plans to go public in a stock-for-stock merger with cryptocurrency mining firm Gryphon Digital. The company acquired a majority stake in American Bitcoin in April, joining forces with its management team, which includes the son of President Donald Trump, Eric Trump.

American Bitcoin, Hut 8’s majority-owned unit backed by the Trump family, will go public via a merger with Gryphon Digital Mining (GRYP). Shares of Hut 8 Corp. (HUT) jumped 12% in pre-market trading, while Gryphon Digital Mining (GRYP) soared more than 200%, following the news.