Eric Trump’s American Bitcoin going public in latest crypto move by president’s family

President Donald Trump’s sons, Eric Trump and Donald Trump Jr., are backing a bitcoin mining company that is going public on the Nasdaq through a merger with Gryphon Digital Mining. Gryphon’s shares surged over 300% on Monday. The merged entity, American Bitcoin, will trade under the symbol “ABTC,” and the deal is expected to be finalized in the third quarter of 2025. Current American Bitcoin shareholders, which include the president’s sons, will hold about 98% of the new company.

This move is part of the Trump family’s expanding presence in the crypto space, which includes the controversial $TRUMP meme coin offering a private dinner with the president to top holders. Eric Trump, the mining firm’s co-founder and chief strategy officer, sees this as a step to solidify the U.S.’s position in global bitcoin mining.

While distancing himself from his father’s administration, Eric Trump emphasized the importance of the U.S. staying competitive in the crypto industry. He stressed the need for the U.S. to lead in the crypto race, akin to its past achievements like winning the space race.

President Trump had pledged support for U.S.-based bitcoin miners during his campaign, even suggesting that all future bitcoin production should occur in the U.S. Recent executive orders from the administration have aimed to relax environmental regulations and promote fossil fuel development, which could benefit miners but raise concerns about environmental impacts.

Despite these developments, the crypto market remained stable, with Bitcoin trading around $104,000. American Bitcoin is being separated from Hut 8’s broader energy and artificial intelligence infrastructure platform to enhance its mining operations. Hut 8’s shares rose by 10% on Monday.