The Trump family is making waves in the cryptocurrency world as American Bitcoin, a venture backed by Eric Trump and Donald Trump Jr., goes public today through an all-stock merger with Gryphon Digital Mining.
This strategic move positions the company to become a powerhouse in Bitcoin mining and accumulation, aligning with President Donald Trump’s pro-crypto stance.
With the deal set to reshape the industry, here’s everything you need to know about this high-profile merger, its implications, and the Trump family’s growing crypto empire.
The Merger: American Bitcoin and Gryphon Digital Mining
American Bitcoin Corporation, majority-owned by Hut 8 Corp. and partially backed by Eric Trump and Donald Trump Jr., has merged with Gryphon Digital Mining in an all-stock transaction. The newly formed entity will operate under the American Bitcoin brand and anticipates trading on the Nasdaq under the ticker symbol "ABTC."
The deal, announced on May 12, 2025, is anticipated to close by the third quarter of 2025, potentially by October, pending regulatory approvals. Existing American Bitcoin shareholders, including the Trump brothers, will hold approximately 98% of the combined company, with Gryphon shareholders owning just 2%. Eric Trump will continue as the chief strategy officer, steering the company’s vision.
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The announcement triggered significant market reactions. Gryphon Digital Mining’s shares surged by up to 460% to $2.93 in premarket trading on May 12, closing the day at $1.42, a 173% increase.
Hut 8 shares rose 17% to $16.31, reflecting investor confidence in the deal. As of May 13, 2025, Bitcoin is trading at approximately $102,000, down 2.1% in the last 24 hours, showing little immediate market reaction to the merger.
The Vision: Building a Bitcoin Mining Giant
Launched in March 2025, American Bitcoin focuses exclusively on Bitcoin mining and developing a strategic Bitcoin reserve, aiming to emulate the reserve-building strategy of MicroStrategy’s Michael Saylor.
The company was formed through a partnership between Hut 8 and American Data Centers, an entity backed by the Trump family.
Eric Trump emphasized the goal of creating “the most investable Bitcoin accumulation platform in the market” and building “the world’s largest pure-play Bitcoin mining operation.”
Hut 8 CEO Asher Genoot highlighted that going public will unlock “dedicated growth capital” independent of Hut 8’s balance sheet, enabling rapid scaling while maintaining long-term Bitcoin exposure for shareholders.
Did You Know?
Bitcoin mining in the U.S. consumes vast amounts of resources, with some estimates suggesting it uses as much electricity as entire states like Washington. American Bitcoin’s focus on low-cost mining could intensify debates over environmental impacts, especially as the Trump administration eases fossil fuel regulations.
The merger aligns with President Trump’s pledge to make the U.S. a global leader in cryptocurrency. During his campaign, he advocated for all future Bitcoin to be mined domestically, a stance reinforced by recent executive orders loosening environmental regulations to support energy-intensive mining operations.
However, critics, including government ethics experts, have raised concerns about potential conflicts of interest due to the Trump family’s extensive crypto ventures, which include World Liberty Financial and meme coins $TRUMP and $MELANIA.
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What is Bitcoin Mining?
Bitcoin mining involves operating energy-intensive hardware to process transactions and secure the Bitcoin network, earning newly minted Bitcoins as rewards.
It requires significant investment in specialized equipment and electricity to power and cool data centers. For the venture to be profitable, the value of mined bitcoins must exceed operational costs.
American Bitcoin aims to leverage Hut 8’s infrastructure and the Trump family’s brand to optimize low-cost mining at scale, positioning itself as a leader in the U.S., which already dominates global Bitcoin mining.
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