Trump's sons' crypto project American Bitcoin is preparing to go public
American Bitcoin, a controlling stake in Hut 8, backed by Donald Trump's two eldest sons, plans to go public on the Nasdaq exchange through an all-stock merger with Gryphon Digital Mining (GRYP), Reuters reports.
After the deal is completed, American Bitcoin shareholders, including Eric Trump, his brother Donald Trump Jr., and mining company Hut 8, will retain 98% ownership of the newly created entity.
The deal is expected to close in the third quarter of 2025. Gryphon shares more than tripled on the news, while Hut 8 rose 13%.
American Bitcoin was only founded in March of this year. Eric Trump will remain with the company as Chief Strategy Officer.
"Our vision for American Bitcoin is to create the most investment-friendly platform for accumulating Bitcoin on the market," said Eric Trump.
This is not the Trump family's first crypto project. They previously launched memecoins and the company World Liberty Financial, which is also related to cryptocurrencies.
Recently, more and more companies have been creating cryptocurrency projects or starting to hold bitcoins on their balance sheets, allowing investors to gain access to crypto assets without having to purchase them outright. This approach has become particularly popular among retail investors.
- On May 7, the US allowed bitcoin to be included in foreign exchange reserves for the first time at the state level.
- On May 9, Bitcoin soared to $104,000 – traders lost $400 million betting on a price drop.
