Eric Trump Highlights Global Bitcoin Frenzy at Consensus 2025 Gryphon Stock Surges 200% After Merger With Hut 8 Senate Democrats Urge Trump to Divest 40% Crypto Holdings

Eric Trump, speaking at the Consensus 2025 conference in Toronto on May 15, described a global frenzy for Bitcoin. He noted that discussions about Bitcoin are ubiquitous, occurring on planes, in boardrooms, and even among major state funds. His remarks were made during a panel discussion with Hut 8 CEO Asher Genoot about the future trajectory of Bitcoin.

According to Eric Trump, there is a widespread effort to accumulate Bitcoin. He mentioned that sovereign wealth funds, the wealthiest families, and some of the world’s largest companies are all actively involved in this rush. His point underscores that Bitcoin is no longer a niche investment but has entered a realm where major players are competing for every available coin.

On May 12, American Bitcoin, a unit co-founded by Eric Trump and his brother and owned by Hut 8, announced a merger with Gryphon Digital Mining. This merger is structured as an all-stock exchange, meaning shareholders of both firms will own shares in the same new company by next year. The partners plan to list the combined group on Nasdaq in the third quarter of 2025, allowing regulated markets to access mining profits without directly holding Bitcoin.

Investors responded swiftly to the merger news. Gryphon’s stock surged over 200% after the announcement, and Hut 8 also saw gains. This reaction highlights the strong interest in investments related to the upcoming Bitcoin halving cycle. Mining companies typically prepare for the scarcity driven by halving events. By merging, these two companies aim to share resources, increase hash power, and enhance their profiles before the reward cut in 2024, which is expected to drive up prices.

However, not everyone is supportive of the growing involvement in cryptocurrencies. A group of House Democrats recently walked out of a digital assets hearing, expressing concern over ethical questions that were not addressed. On May 13, Senate Democrats sent a letter to US President Donald Trump, urging him to divest all cryptocurrency stakes, including stablecoins tied to hard assets. They are worried about potential conflicts of interest if the White House can influence rules that affect family ventures. One watchdog group, State Democracy Defenders Action, estimates that crypto holdings make up about 40% of the Trump family’s worth, which is close to $3 billion.