Eric Trump's American Bitcoin going public in latest crypto move by president's family
The 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.
Shares of Gryphon were up more than 300% Monday.
The combined company, American Bitcoin, will trade under the ticker symbol "ABTC," with the transaction expected to close as early as the third quarter of 2025.
Existing stockholders of American Bitcoin, including the president's two eldest sons, will own about 98% of the new entity.
It is the latest high-profile move from the Trump family's growing crypto empire, which already includes the controversial $TRUMP meme coin that is offering a private dinner with the president to top holders of the coin.
Eric Trump, who is a co-founder and chief strategy officer of the mining firm, framed the move as part of a broader strategy to cement the country's leadership in the global bitcoin mining race.
"Every single sophisticated country is using their excess power to mine bitcoin," Trump previously told CNBC.
He distanced himself from any direct involvement with his father's administration but made clear his belief that the U.S. must maintain a competitive edge in the crypto sector.
"We won the space race. We better win the crypto race," he said.
On the campaign trail, the president repeatedly promised to support U.S.-based bitcoin miners, including telling executives at a closed-door event in Mar-a-Lago that he wants all future bitcoin should be minted on American soil.
The administration's latest executive orders loosen environmental restrictions and encourage more fossil fuel development — a boon for oilfield miners, even as critics warn it could come at a steep climate cost.
The crypto market showed little reaction. Bitcoin is trading at around $104,000, roughly flat over the past 24 hours.
American Bitcoin is being carved out of energy infrastructure platform Hut 8's broader energy and artificial intelligence infrastructure platform, a move designed to separate its mining operations and unlock new capital.
Shares of Hut 8 were up 10% Monday.
CNBC
