American Bitcoin, a new bitcoin miner backed by the two eldest sons of American President Donald Trump, announced on Monday that it would list on the Nasdaq through a fully stock-based merger with Gryphon Digital Mining GRYP.O.
Current shareholders of American Bitcoin, including co-founder Eric Trump, his brother Donald Trump Jr., and the cryptocurrency mining company Hut 8 HUT.O, will retain 98% of the shares of the new entity.
This is the latest in a series of cryptocurrency ventures by the Trump family, including a meme coin launched in January and World Liberty Financial, a cryptocurrency company partly owned by the president.
President Trump has pledged to make the United States a global leader in the field of cryptocurrencies and promised lighter regulation. However, he has faced criticism from government ethics experts and political opponents regarding potential conflicts of interest.
Gryphon's shares have more than tripled to reach $2.19, while Hut 8's shares have gained over 11% to reach $15.45. The transaction is expected to be finalized in the third quarter of 2025.
American Bitcoin, which launched in March, will keep Eric Trump as Chief Strategy Officer.
"Our vision for American Bitcoin is to create the most investable bitcoin accumulation platform in the market," he said in a statement.
In recent weeks, several companies have launched new ventures or entered agreements to become entities that accumulate bitcoins on their balance sheets.
These companies allow investors to gain exposure to the cryptocurrency token without directly owning it, an approach pioneered by Strategy MSTR.O in 2020, and have gained popularity among retail traders.
