• American Bitcoin (ABTC), backed by Eric Trump and Donald Trump Jr., plans to go public via an all-stock merger with Gryphon Digital Mining (GRYP).
  • The combined company is expected to have a valuation of approximately $2 billion, with American Bitcoin shareholders owning about 98%.
  • The deal underscores the Trump family's expanding crypto footprint and comes amid debate over potential conflicts of interest.

American Bitcoin, a Bitcoin mining venture backed by Eric Trump and Donald Trump Jr., is seeking to go public through an all-stock merger with Nasdaq-listed Gryphon Digital Mining, according to a person familiar with the matter. The transaction, announced in May 2025, aims to close later this year and values the combined entity at around $2 billion.

Launched in March 2025, American Bitcoin focuses on Bitcoin mining and building a strategic Bitcoin reserve. It is majority-owned by Hut 8 (HUT), a prominent crypto mining company, with the Trump brothers among its backers. Following the merger, American Bitcoin shareholders—including the Trump brothers and Hut 8—are expected to own approximately 98% of the combined company, with Gryphon shareholders holding the remainder.

The deal marks the latest foray by Trump-linked ventures into the cryptocurrency space. Eric Trump and Donald Trump Jr. have increasingly lent their names to crypto projects, raising questions about potential conflicts of interest as their father, President Donald Trump, shapes digital asset policy. Critics argue that such ventures could blur the lines between public office and private business, though supporters say they demonstrate confidence in the growing industry.

Market Reaction and Industry Context

News of the merger, first reported in May, sent shares of both companies soaring. Hut 8 jumped 12% in premarket trading, while Gryphon surged more than 200%, according to market data. The rally reflects investor enthusiasm for Trump-affiliated crypto ventures, even as the broader mining sector faces headwinds from volatile Bitcoin prices and rising energy costs.

American Bitcoin's strategy of accumulating a Bitcoin reserve mirrors moves by other public miners seeking to bolster their balance sheets with the cryptocurrency. However, the economics of mining remain sensitive to Bitcoin's price swings, competition, and operational efficiency—factors that could influence the combined company's performance post-merger.

Representatives for American Bitcoin, Gryphon, and Hut 8 did not immediately respond to requests for comment. The companies have not disclosed further financial details or a definitive closing date, and it remains uncertain whether the transaction will be completed as planned.

Correction: An earlier version of this article misstated the ownership structure; Hut 8 and the Trump brothers together will own 98% of the combined company, not American Bitcoin shareholders as a whole.