Trump-Backed American Bitcoin to Go Public via Gryphon Merger

American Bitcoin, a cryptocurrency mining firm backed by Eric Trump and Donald Trump Jr., is set to go public through an all-stock merger with Gryphon Digital Mining. The newly combined company will be listed on the Nasdaq Composite index under the ticker symbol “ABTC.”

The merger is expected to close in the third quarter of this year. Upon completion, existing shareholders of American Bitcoin, including the Trump brothers, will hold approximately 98% of the new company. Gryphon Digital Mining, which currently trades as a penny stock, will see its shares increase significantly following the announcement of the merger.

This move by the Trump family is part of a broader strategy to establish America's dominance in the global Bitcoin mining industry. During his election campaign, President Trump expressed support for U.S.-based Bitcoin miners, emphasizing his desire for all future Bitcoin to be mined on American soil. Eric Trump, co-founder and chief strategy officer of American Bitcoin, highlighted this initiative as a key component of their business plan.

In addition to American Bitcoin, the Trump family has introduced a $TRUMP meme coin, which offers a private dinner with the president to top holders of the digital token. This further underscores the family's involvement and interest in the cryptocurrency sector.

Bitcoin's price has been on an upward trajectory, currently trading around $102,700, with a 10% gain this year. This positive trend in the cryptocurrency market aligns with the strategic moves being made by American Bitcoin and the Trump family to capitalize on the growing interest and value in digital currencies.