May 12 (UPI) — A bitcoin mining company partially owned by President Donald Trump’s two eldest sons will go public on the Nasdaq in an all-stock merger with Gryphon Digital Mining, American Bitcoin announced Monday.
The investors, who include Donald Trump Jr. and Eric Trump, will own about 98% of the new company and retain the name American Bitcoin in a stock-for-stock merger, the company said in a news release.
In March, the brothers merged their American Data Center with American Bitcoin. They owned 20% of American Bitcoin and parent company Hut 8 the remaining 80%.
Financial terms were not revealed.
American Bitcoin will break from parent Hut 8, a company that provides digital infrastructure with a focus on high-performance computing and digital asset mining. Shares of Hut 8 rose 11.74% on Monday.
The new company will go by the ticker symbol “ABTC,” and the deal is expected to close as early in the third quarter of 2025. Gryphon Digital shares rose 173.1% on Monday.
Bitcoin was trading at around $101,800 and down 2.15%.
“Our vision for American Bitcoin is to create the most investable Bitcoin accumulation platform in the market,” Eric Trump, co-founder and chief strategy officer of American Bitcoin, said in a statement. “Today’s announcement marks an important milestone in that journey, bringing us closer to offering every investor access to a purpose-built platform engineered for scale and long-term value creation in what we believe is one of the most important asset classes of our time.”
Eric Trump will remain as chief strategy officer and Mike Ho will serve as CEO of the company.
“This transaction marks the next step in scaling American Bitcoin as a purpose-built vehicle for low-cost Bitcoin accumulation at scale,” Asher Genoot, CEO of Hut 8, said in a company news release.
“By taking [American] Bitcoin public, we expect to unlock direct access to dedicated growth capital independent of Hut 8’s balance sheet while preserving long-term exposure to bitcoin upside for our shareholders.”
Eric Trump is not part of the Trump administration but his father is a backer of bitcoin after originally opposing the electronic currency.
While running for president, Trump said he supported U.S.-based bitcoin miners and as president again signed an executive order creating a strategic bitcoin and digital assets reserve. The reserve will be established with seized crypto assets held by the Treasury.
Conversely, the Justice Department shut down the Cryptocurrency Enforcement Team.
The Trump family has a large stake in World Liberty Financial, a crypto exchange launched in October 2024.
Two days before he became president, Trump debuted the $TRUMP meme coin. The top 200 holders of the coin have been invited to a private dinner on May 22 at Trump National Golf Club in Sterling, Va.
The coins now have a market cap of $2.5 billion with 80% of the token supply held by the Trump Organization and affiliated entities. The original offering was $10 but immediately rose to $74.34 and now is trading at $12.62, according to Coinbase.
In all, 1 billion are planned to be distributed over three years with a $31.37 billion fully diluted valuation
