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Hut 8 Corp. (NASDAQ:HUT), which has seen its stock surge over 200% in the past year according to InvestingPro data, announced Wednesday the completion of a merger between its majority-owned subsidiary, American Bitcoin Corp., and Gryphon Digital Mining, Inc. The transaction closed on Wednesday and was previously disclosed in a merger agreement dated May 9, 2025. The company, currently valued at $2.89 billion, has maintained strong financial health with a current ratio of 1.81.
According to a statement in the company’s SEC filing, the merger was executed through an agreement among American Bitcoin Corp., Gryphon Digital Mining, GDM Merger Sub I Inc., and GDM Merger Sub II LLC. Upon closing, the outstanding capital stock of American Bitcoin Corp., except for certain excluded shares, was canceled and converted into new shares representing approximately 98% of the issued and outstanding stock of Gryphon on a fully diluted basis.
Following the closing, Gryphon Digital Mining was renamed American Bitcoin Corp. The combined entity, referred to as the Combined Entity in the filing, is now majority owned by Hut 8 Corp. Hut 8 indirectly holds a majority of the issued and outstanding capital stock of the Combined Entity, including approximately 80% of the total voting power.
The company’s common stock continues to be listed on the Nasdaq Stock Market under the symbol HUT.
This information is based on a statement in the company’s press release filed with the Securities and Exchange Commission.
In other recent news, Hut 8 Corp. has made several notable announcements. The company has secured a $200 million revolving credit facility backed by Bitcoin, with an interest rate of 7.99% per annum. Additionally, Hut 8 has filed for a $1 billion at-the-market equity offering program, replacing a prior offering that registered up to $500 million in common stock. On the development front, Hut 8 announced plans to expand its capacity with four new U.S. sites totaling 1.53 gigawatts, which has led to increased price targets from analysts. Clear Street raised its price target to $33, while Benchmark and Canaccord Genuity both set their targets at $36, maintaining Buy ratings. Analysts have cited the company’s expanded pipeline and substantial Bitcoin holdings as key factors for these adjustments. These developments reflect Hut 8’s strategic moves to enhance its operational capacity and financial flexibility.
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