Cryptocurrency mining firm American Bitcoin, which is backed by U.S. President Donald Trump’s two eldest sons, Eric Trump and Donald Trump Jr., has announced plans to go public.
American Bitcoin will debut on the Nasdaq Composite exchange following an all-stock merger with Gryphon Digital Mining (GRYP).
Shares of Gryphon Digital rose more than 200% on news of the combination with American Bitcoin. The deal is expected to close in the third quarter of this year.
Once the transaction is complete, the new company will be known as American Bitcoin and will trade on the Nasdaq under the ticker symbol “ABTC.”
Existing shareholders of American Bitcoin, including the president’s sons, will own 98% of the new company.
Taking American Bitcoin public is the latest high-profile move in the crypto sector by the Trump family.
In addition to American Bitcoin, the U.S. president’s family has the $TRUMP meme coin that is offering a private dinner with the president for top holders of the digital token.
Eric Trump, who is co-founder and chief strategy officer of American Bitcoin, framed the move as part of a broader plan to confirm U.S. leadership in the global race to mine Bitcoin (BTC).
During his election campaign last year, President Trump promised to support U.S.-based Bitcoin miners, telling executives that he wants all future Bitcoin minted on American soil.
Bitcoin is currently trading at $103,440 U.S., having gained 11% this year.
