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.

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.