A bitcoin mining company backed by President Donald Trump’s sons, Eric Trump and Donald Trump Jr., is set to go public on the Nasdaq through an all-stock merger with Gryphon Digital Mining. This move has led to a significant surge in Gryphon’s stock, which rose more than 300% on Monday. Upon completion of the merger, the combined entity, American Bitcoin, will be listed under the ticker symbol “ABTC,” with the transaction expected to close in the third quarter of 2025.
Following the merger, approximately 98% of the newly formed American Bitcoin will be owned by existing stockholders, including the Trump brothers. This marks another notable step in the Trump family’s growing presence in the cryptocurrency market, which also includes the controversial $TRUMP meme coin. The coin has attracted attention by offering a private dinner with the president to its top holders.
Eric Trump, who serves as the co-founder and chief strategy officer of the mining firm, framed the merger as part of a broader initiative to strengthen the United States’ position in the global bitcoin mining competition. He emphasized that nations around the world are leveraging their excess energy to mine bitcoin, and the U.S. must remain at the forefront of the industry. He also pointed to the country’s success in the space race, stressing the importance of winning the “crypto race” as well.
During his time on the campaign trail, President Trump made several promises to support U.S.-based bitcoin miners, even telling executives at a Mar-a-Lago event that all future bitcoin should be minted in the U.S. His administration has also issued executive orders aimed at relaxing environmental regulations and boosting fossil fuel development, which has had positive implications for oilfield miners, though critics warn this could come at the cost of climate change concerns.
The crypto market showed minimal reaction to the announcement, with bitcoin trading around $104,000, relatively flat over the past 24 hours. The American Bitcoin company is being spun off from the energy infrastructure platform Hut 8, a move intended to separate its mining operations and unlock new capital. Hut 8’s stock saw a 10% increase on Monday following the announcement.
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