Eric Trump, son of President Donald Trump, is taking his bitcoin mining company public through American Bitcoin’s merger with Gryphon Digital Mining.

The merged entity will retain the American Bitcoin name and be managed by its current leadership, with plans to list on the Nasdaq under the ticker “ABTC.”

Why It Matters

President Trump has increasingly aligned himself with the cryptocurrency sector, backing ventures such as the Trump-themed meme coin “TRUMP” and the NFT trading card series bearing his likeness. While Trump once dismissed Bitcoin as a scam, he has since shifted his stance, voicing support for crypto innovation and calling for a regulatory environment that encourages digital asset growth. He has also criticized federal agencies for what he describes as overreach.

In March, the president signed an executive order establishing a national Strategic Bitcoin Reserve, as well as a separate Digital Asset Stockpile. Like other commodity reserves, such as gold or petroleum, the currency will be held by the government as a financial safety net to hedge against future economic instability.

American Bitcoin will join Trump Media & Technology Group (TMTG) as publicly traded Trump-led companies. Its stock trades under the ticker symbol DJT.

What to Know

American Bitcoin was founded earlier in the year in collaboration with Hut 8, whose CEO Asher Genoot also serves on American Bitcoin’s board. Genoot highlighted that going public is a crucial move for accelerating business growth.

Following the announcement, Gryphon’s shares surged 285 percent to $2 and have risen nearly 400 percent year-to-date.

Hut 8 shares gained 10 percent following the news but are still down 25 percent for the year.

In recent weeks, multiple corporations have unveiled new ventures or secured deals aimed at becoming entities that hold bitcoin on their balance sheets. These initiatives offer investors indirect exposure to the cryptocurrency—without the need to purchase it themselves—an approach popularized by MicroStrategy in 2020. This model has since gained significant traction among retail traders.

What People Are Saying

Eric Trump emphasized the company’s mission to establish a scalable and long-term value-creating bitcoin investment platform, “Our vision for American Bitcoin is to create the most investable Bitcoin accumulation platform in the market.”

Allan Marshall, CEO of e-commerce platform Upexi said in an interview last week, “Buying a stock is a very familiar investment to way more people than buying crypto on a platform.”

President Trump’s March executive order read: “Taking affirmative steps to centralize ownership, control, and management of these assets within the Federal government will ensure proper oversight, accurate tracking, and a cohesive approach to managing the government’s cryptocurrency holdings … President Donald Trump is fulfilling his promise to position America as the global leader in cryptocurrency.”

Conservative commentator Ben Shapiro took Trump to task over his meme coin venture, saying on a recent podcast, “And then in April, that Trump meme coin announced that the top 220 holders of the meme coin would be invited to an intimate private dinner with President Trump at his golf club. This raises the question of influence peddling. If you basically buy a bunch of Trump meme coin and then funnel money to organizations associated with President Trump so you can have dinner with Trump. That doesn’t look great.”

What Happens Next

The American Bitcoin deal is expected to close in the third quarter of 2025.

Update: 5/12/25, 6:19 p.m. ET: This article has been updated with additional information and remarks.

Update: 5/12/25, 7:09 p.m. ET: This article has been updated with additional information and remarks.