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.

Under the merger terms, American Bitcoin shareholders will control 98% of the combined entity. Eric Trump will take the role of chief strategy officer. In a statement, he described the company's goal as building the most investable Bitcoin accumulation platform in the market.

A bitcoin mining company partially owned by President Donald Trump's two eldest sons will go public on Nasdaq in an all-stock merger with Gryphon Digital Mining, American Bitcoin announced Monday.