American Bitcoin, a cryptocurrency firm co-founded by Eric Trump, has announced plans to become publicly traded through a merger with Gryphon Digital Mining Inc., a company already listed on the Nasdaq.
American Bitcoin Aims For Nasdaq Listing
Founded in late March, American Bitcoin emerged when Eric Trump and his brother, Donald Trump Jr., joined forces with Hut 8, a major player in the Bitcoin mining sector.
Bitcoin mining is crucial for the cryptocurrency ecosystem, as it involves using powerful data centers to validate transactions and secure the blockchain. This process requires substantial energy resources, making it a focus for both investment and regulatory scrutiny.
The decision to take American Bitcoin public could attract investors, particularly those aligned with the Trump family, eager to support a venture associated with the former president.
However, the initial announcement indicated that existing shareholders would maintain a significant majority of the company post-merger, raising questions about the level of public ownership.
Trump Family Expands Crypto Ventures
This latest venture is part of a broader trend involving the Trump family’s foray into the cryptocurrency market, which has drawn attention and concern from government ethics experts.
Alongside American Bitcoin, the Trump family has initiated a crypto firm called World Liberty Financial (WLFI), which offers its own digital currency. Additionally, they have marketed a memecoin, TRUMP, which has recorded a 47% price surge over the past 30 days.
Eric Trump’s involvement in American Bitcoin is underscored by an investor presentation that highlights the firm’s ambitions and its connection to the Trump brand.
The presentation prominently features Eric Trump’s image, positioning him as a “strategic amplifier” who enhances the company’s visibility and brand equity through his extensive network.
The messaging emphasizes a vision of America leading in the cryptocurrency space, with a statement declaring, “Crypto is the future. America must lead the way. American Bitcoin will set the standard.”
In the political arena, President Trump has taken steps to advocate for cryptocurrency interests, including reversing a Biden-era enforcement campaign against crypto companies and supporting legislation favorable to the industry.
This business and political alignment reflects a strategic approach to capitalize on the growing acceptance and potential of cryptocurrencies, which has been a key contributor to the current bullish sentiment surrounding crypto prices throughout the year.
At the time of writing, BTC trades at $102,690, registering a nearly 9% surge in the weekly time frame, down 6% from its record high of $109,000 reached earlier this year.
Gryphon shares (GRYP) also rose more than three-fold to $2.19, while Hut 8 shares gained over 11% to reach $15.45. Per recent reports, the deal is expected to close in the third quarter of 2025.
Featured image from DALL-E, chart from TradingView.com
