What is the Trump family's latest move in cryptocurrency? Their bitcoin mining venture, American Bitcoin, is set to go public in a major stock market deal.
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| President Donald Trump's sons are taking their crypto firm public via a high-profile merger, raising fresh questions about political and financial entanglements. Image: CH |
NEW YORK, USA — May 13, 2025:
A cryptocurrency venture backed by U.S. President Donald Trump's two eldest sons is preparing to go public through a high-profile merger, intensifying scrutiny over the family's deepening ties to the digital finance sector.
The company, American Bitcoin, announced Monday that it will merge with publicly traded Gryphon Digital Mining Inc. in a stock-for-stock transaction. Once the deal is completed, the newly combined firm will continue under the American Bitcoin name and trade on the New York Stock Exchange under the symbol "ABTC."
Eric Trump, co-founder and Chief Strategy Officer of American Bitcoin, described the move as a strategic step in transforming the company into a dominant force in digital asset accumulation. "Our vision for American Bitcoin is to create the most investable bitcoin accumulation platform in the market," he said.
American Bitcoin was launched earlier this year by Florida-based Hut 8 Corp. in partnership with Eric Trump. The firm’s stated mission is to build the world’s largest bitcoin mining operation, focused purely on mining and storing digital assets to create a strategic reserve.
Bitcoin mining relies on vast computing power to solve complex algorithms—a process that underpins the functioning of the Bitcoin blockchain and earns miners rewards in cryptocurrency.
Hut 8’s CEO Asher Genoot emphasized that taking the company public was “a critical step toward scaling the business at the pace and magnitude we envision.” The merger is expected to be finalized by October.
The Trump family's increasing involvement in crypto finance has sparked ethical concerns, given President Trump’s role as head of state. Digital asset investors were some of Trump’s most generous financial backers during his campaign, donating millions in hopes of reversing the Biden administration’s regulatory stance on cryptocurrencies.
Since his reelection, Trump has significantly expanded his engagement in the crypto space. In January, he partnered with the exchange platform World Liberty Financial to launch the “Trump” memecoin. The token’s value surged in April after it was announced that Trump would host top holders at a private dinner.
Meanwhile, First Lady Melania Trump entered the sector by launching her own memecoin, $MELANIA, further solidifying the family’s presence in the digital currency landscape.
As American Bitcoin heads toward public listing, questions persist about how the president’s financial interests in cryptocurrency will intersect with his public responsibilities—especially as policy decisions around digital finance loom on the horizon.