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3mo ago

Trump Family's Bitcoin Mining Venture to Go Public via Merger

American Bitcoin, co-founded by Eric and Donald Trump Jr., confirms merger with Gryphon Digital Mining, retaining 98% shareholder control as it prepares for Nasdaq listing under ABTC.

U.S. President Donald Trump's sons Donald Trump Jr. (L) and Eric Trump sit in the audience waiting to watch their father announce his nominee for the empty associate justice seat at the U.S. Supreme Court, at the White House in Washington, D.C., U.S. January 31, 2017. REUTERS/Carlos Barria/File Photo
Donald Trump, center, pictured with sons Eric Trump, left, and Donald Trump Jr. (Alex Wong/Getty Images)
Eric Trump, Executive VP of The Trump Organization, speaks during Token 2049, a Crypto event, in Dubai, United Arab Emirates, Thursday, May 1, 2025.
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Overview

  • American Bitcoin, launched in March 2025 by Eric Trump, Donald Trump Jr., and Hut 8, will merge with Gryphon Digital Mining in a stock-for-stock transaction.
  • The combined entity will retain the American Bitcoin name and list on Nasdaq under the ticker symbol ABTC, with the merger expected to close in Q3 2025.
  • Existing American Bitcoin shareholders, including the Trump brothers and Hut 8, will hold 98% ownership, with Hut 8 continuing as the exclusive infrastructure partner.
  • The announcement caused Gryphon's shares to surge over 200% and Hut 8's shares to rise by 12%, reflecting strong investor interest in the crypto sector.
  • The merger is part of the Trump family's broader push into cryptocurrency, raising ethical concerns about potential conflicts of interest tied to their political and business roles.