American Bitcoin, a newly launched bitcoin mining company backed by former President Donald Trump’s eldest sons, announced plans on Monday to go public through an all-stock merger with Gryphon Digital Mining.
The combined entity will be listed on the Nasdaq.
As part of the deal, existing shareholders of American Bitcoin—including co-founder Eric Trump, Donald Trump Jr., and crypto miner Hut 8—will retain 98% ownership of the merged company. The transaction is expected to close in the third quarter of 2025.
The announcement marks another step into the crypto space for the Trump family, following a meme coin launch earlier this year and the establishment of World Liberty Financial, a digital asset firm in which President Trump holds a partial stake.
Eric Trump will continue to serve as chief strategy officer for American Bitcoin. In a statement, he said the company aims to build “the most investable Bitcoin accumulation platform in the market.”
Shares of Gryphon Digital Mining surged more than threefold to $2.19 following the news, while Hut 8 rose over 11% to $15.45.
American Bitcoin was launched in March as interest grows in corporate strategies that focus on accumulating Bitcoin as a treasury asset. These ventures allow investors to gain indirect exposure to cryptocurrencies through traditional stock ownership, an approach popularized by MicroStrategy in 2020 and increasingly adopted by retail investors.
The move comes amid a broader trend of companies positioning themselves as digital asset holding entities. Upexi, for example, recently announced plans to hold Solana as a treasury asset. Since the announcement, Upexi’s stock has climbed more than fourfold, highlighting growing investor appetite for crypto-linked equities.
President Trump has pledged to make the United States a global leader in cryptocurrency, advocating for looser regulatory oversight. However, his involvement in crypto ventures has drawn scrutiny from ethics watchdogs and political opponents who warn of potential conflicts of interest as he seeks reelection.
