American Bitcoin, a cryptocurrency firm co-founded by Eric Trump, announced on Monday that it would become publicly traded, the latest expansion of the Trump family’s investments across the crypto industry.
The company, which focuses on Bitcoin mining, is set to merge with Gryphon Digital Mining Inc., a firm that is already traded on the Nasdaq. Mr. Trump, the president’s middle son, is listed as one of the founders and a member of the company’s management team.
American Bitcoin was started in late March, when Mr. Trump and his older brother, Donald Trump Jr., announced that they were joining forces with a Bitcoin mining firm called Hut 8. Bitcoin mining is a vital branch of the crypto industry, in which major companies, many of them publicly traded, run energy-guzzling data centers to process Bitcoin transactions.
The move to take American Bitcoin public could pave the way for traders — including those seeking favor from President Trump — to invest in a Trump family entity, though the company said in its announcement that existing stockholders were expected to own an overwhelming majority of the company.
The business is one facet of an increasingly broad array of Trump family crypto ventures that have alarmed government ethics experts. President Trump and his sons have started a crypto firm called World Liberty Financial that offers its own digital coin. And working with a separate set of business partners, the Trump family has marketed the digital currency $TRUMP — a type of crypto called a memecoin that is typically treated more as a novelty investment than an actual currency.
At the same time, President Trump has taken steps to advance the crypto world’s interests in Washington, ending a Biden-era enforcement campaign against crypto companies and backing legislation supported by the industry.
In an investor presentation posted on its website, American Bitcoin aggressively promoted its connection with the Trump family, featuring a large photograph of Eric Trump near the beginning. A message next to the photo describes the company’s ambitions and links the firm to the domestic crypto industry in ways that echo the president’s messaging.
“Crypto is the future,” the message reads. “America must lead the way. American Bitcoin will set the standard.”
Among a list of key figures in the business, the presentation describes Eric Trump as a “strategic amplifier” who “drives brand equity and institutional visibility through unparalleled network reach.”
David Yaffe-Bellany writes about the crypto industry from San Francisco. He can be reached at [email protected].
Kenneth P. Vogel is based in Washington and investigates the intersection of money, politics and influence.
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