In a landmark move cementing the Trump family’s growing influence in cryptocurrency markets, American Bitcoin—the mining venture backed by US President Donald Trump’s sons—announced plans to go public via an all-stock merger with Gryphon Digital Mining.
The combined entity, trading under ticker symbol “ABTC,” triggered a market frenzy with Gryphon shares surging over 300% on Monday following the announcement.
Bitcoin Mining Merger
This strategic merger, expected to close by the third quarter of 2025, will leave existing American Bitcoin stockholders—including Eric Trump and Donald Trump Jr.—with approximately 98% ownership of the combined company. Eric Trump, who serves as co-founder and chief strategy officer, will maintain his leadership role in the newly formed public entity.
The bitcoin mining operation represents the latest expansion of the Trump family’s burgeoning crypto portfolio, which already includes the controversial $TRUMP memecoin offering private presidential dinners to top holders, and First Lady Melania Trump’s $MELANIA token.
These ventures have raised significant questions about potential conflicts of interest, particularly as the administration actively shapes cryptocurrency policy.
“Every single sophisticated country is using their excess power to mine bitcoin,” Eric Trump told CNBC, framing the venture as part of America’s competitive technological stance. “We won the space race. We better win the crypto race.”
Trump Crypto Moves
The public offering comes amid dramatic policy shifts favoring cryptocurrency under the Trump administration. President Trump, once openly hostile to digital currencies, has executed several executive orders benefiting the sector, including establishing a “Strategic Bitcoin Reserve” and appointing crypto advocates to key regulatory positions.
Most significantly, recent executive orders loosening environmental restrictions and encouraging fossil fuel development have created favorable conditions for bitcoin miners—particularly oilfield operations—despite environmental concerns. This aligns with campaign promises made to mining executives at a Mar-a-Lago event, where Trump reportedly stated that all future bitcoin should be minted on American soil.
American Bitcoin is being carved out from energy infrastructure platform Hut 8, whose shares jumped 10% following the announcement. Hut 8 CEO Asher Genoot described the public offering as “a critical step toward scaling the business at the pace and magnitude we envision.”
Despite the flurry of Trump-related crypto developments, bitcoin maintained price stability around $104,000, showing minimal reaction to the announcement.
Meanwhile, Democratic legislators have expressed concerns about the administration’s crypto initiatives, citing the president’s numerous financial ties to the industry. Multiple cryptocurrency investors contributed millions to Trump’s presidential campaign, hoping to ease regulatory scrutiny that characterized the previous administration.
The merger, potentially completing by October, positions American Bitcoin to pursue its stated goal of becoming “the most investable bitcoin accumulation platform in the market” while building what it describes as the world’s largest “pure play” bitcoin mining operation alongside a strategic bitcoin reserve, alongside US states pushing for their own crypto reserves.
