American Bitcoin, a new crypto mining operation started by Eric Trump, Donald Trump Jr., and data-center operator Hut 8, is merging with Gryphon Digital Mining in a stock-for-stock transaction, placing it in a position to go public on the Nasdaq by the third quarter of 2025.
“By taking American Bitcoin public,” said Hut 8 (HUT-6.40%) CEO Asher Genoot in a press release, “we expect to unlock direct access to dedicated growth capital independent of Hut 8’s balance sheet.”
Eric Trump is the chief strategy officer of American Bitcoin, and, like his father, wants the U.S. to lead the world in bitcoin mining; in fact, it already does, and bitcoin miners are gulping down gigaliters from the U.S. water supply to cool their machines.
President Donald Trump has said explicitly that he wants the U.S. to be the “crypto capital of the planet.” Likewise, Eric Trump told CNBC (CMCSA+0.03%): “We won the space race. We better win the crypto race.”
The Trump family’s crypto dealings were already in the spotlight. Congress rejected the Genius Act, which would create a federal framework for stablecoins, after lawmakers voiced increasing concerns about World Liberty Financial, owned by the president’s sons, and the president’s own meme coin, $TRUMP. The coin’s website promises a dinner with the president to the top 220 coin holders, with the top 25 getting a private reception. The promotion caused $TRUMP to surge 50%.
And on May 1, an Abu Dhabi–backed investment fund announced it would use the Trump family’s stablecoin to facilitate a $2 billion investment in the crypto exchange Binance. While the Genius Act once had bipartisan support, now Republicans Rand Paul and Josh Hawley have sided with the Democrats against the bill. It failed its first Senate vote.
American Bitcoin shareholders will own 98% of the new shares in the merged company. Hut 8 owns 80% of American Bitcoin, with the Trump brothers owning the other 20%.
Gryphon Digital Mining (GRYP) stock was up 323% when markets opened on May 12. Hut 8 (HUT) stock was up as much as 16% by midday.
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