The bitcoin<\/a><\/span><\/span><\/span> mining company backed by President Donald Trump<\/a>‘s sons, Eric Trump and Donald Trump Jr., is set to go public on the Nasdaq through an all-stock merger with Gryphon Digital Mining<\/a><\/span><\/span><\/span>.<\/p>\n Shares of Gryphon were up more than 300% Monday.<\/p>\n The combined company, American Bitcoin<\/a>, will trade under the ticker symbol “ABTC,” with the transaction expected to close as early as the third quarter of 2025.<\/p>\n Existing stockholders of American Bitcoin, including the president’s two eldest sons, will own about 98% of the new entity.<\/p>\n It is the latest high-profile move from the Trump family’s growing crypto empire<\/a>, which already includes the controversial $TRUMP meme coin<\/a> that is offering a private dinner with the president to top holders of the coin.<\/p>\n Eric Trump, who is a co-founder and chief strategy officer of the mining firm, framed the move as part of a broader strategy to cement the country’s leadership in the global bitcoin mining race.<\/p>\n “Every single sophisticated country is using their excess power to mine bitcoin,” Trump previously told CNBC<\/a>.<\/p>\n<\/div>\n He distanced himself from any direct involvement with his father’s administration but made clear his belief that the U.S. must maintain a competitive edge in the crypto sector.<\/p>\n “We won the space race. We better win the crypto race,” he said.<\/p>\n On the campaign trail, the president repeatedly promised to support U.S.-based bitcoin miners, including telling executives at a closed-door event in Mar-a-Lago that all future bitcoin <\/a>should be minted on American soil.<\/a><\/p>\n The administration’s latest executive orders\u00a0loosen environmental restrictions<\/a>\u00a0and encourage\u00a0more fossil fuel development<\/a>, a boon for oilfield miners, even as critics warn it could come at a steep climate cost.<\/p>\n The crypto market showed little reaction. Bitcoin is trading at around $104,000, roughly flat over the past 24 hours.<\/p>\n American Bitcoin is being carved out of energy infrastructure platform Hut 8<\/a><\/span><\/span><\/span>‘s broader energy and artificial intelligence<\/a> infrastructure platform, a move designed to separate its mining operations and unlock new capital.<\/p>\n Shares of Hut 8 were up 10% Monday.<\/p>\n<\/div>\n![\"bitcoins](\"https:\/\/image.cnbcfm.com\/api\/v1\/image\/108124515-eric_thumbnail.jpg?v=1743539528&w=750&h=422&vtcrop=y\" "\\"bitcoins\\"")
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![\"bitcoins](\"https:\/\/image.cnbcfm.com\/api\/v1\/image\/108062821-1731538249746-1731537129823-ISO.jpg?v=1731538253&w=750&h=422&vtcrop=y\" "\\"bitcoins\\"")