Latest news with #GryphonDigitalMining
Yahoo
28-05-2025
- Business
- Yahoo
Eric Trump's ‘American Bitcoin' Is Going Public — 4 Things To Know Before Investing
You will soon be able to buy shares of a bitcoin mining venture backed by President Donald Trump's sons, Eric Trump and Donald Trump Jr., following an all-stock merger between their company, American Bitcoin, and Gryphon Digital Mining. Read Next: Explore More: The news was announced on May 12 by Hut 8, an energy infrastructure platform that holds a majority stake in American Bitcoin. 'This transaction marks the next step in scaling American Bitcoin as a purpose-built vehicle for low-cost Bitcoin accumulation at scale,' HUT 8 CEO Asher Genoot said in a press release. 'By taking American Bitcoin public, we expect to unlock direct access to dedicated growth capital independent of Hut 8's balance sheet, while preserving long-term exposure to Bitcoin upside for our shareholders.' Here are four things investors should know about American Bitcoin before its initial public offering. According to the Hut 8 press release, the combined company will operate as American Bitcoin and trade on the Nasdaq under the ticker symbol 'ABTC.' The transaction is expected to close as early as the third quarter of 2025. The stock should go public soon thereafter. I'm a Self-Made Millionaire: American Bitcoin's management team will be led by Eric Trump, Mike Ho and Matt Prusak. The board of directors will include Ho, Genoot, Justin Mateen and Michael Broukhim. Existing stockholders of American Bitcoin are expected to own about 98% of the combined company, according to Hut 8. Immediately following the completion of the transaction, the company will 'beneficially own' a majority of the issued and outstanding capital stock. Hut 8 is an energy infrastructure platform that trades on the Nasdaq under the 'HUT' ticker symbol. According to its website, Hut 8 integrates power, digital infrastructure and compute at scale with the aim of fueling 'next-generation, energy-intensive use cases' such as Bitcoin mining and high-performance computing. Its stock price closed at $17.08 on May 22, and is down about 16.6% for the year. American Bitcoin was launched this year by Eric Trump and Donald Trump, Jr., and got its name following a merger with a Hut 8 unit, Bloomberg reported. The Bitcoin accumulation platform's mission is to 'build American's Bitcoin infrastructure backbone.' According to its website, Gryphon Digital Mining aims to 'power and run scalable, efficient AI computing and Bitcoin mining operations.' It trades on the Nasdaq under ticker symbol GRPY. Shares closed at $1.15 on May 27 and have spent most of 2025 trading at less than 50 cents. The Trump family has a number of cryptocurrency ventures, including the controversial $TRUMP meme coin. So far, the coin has made a few dozen crypto wallets millions of dollars richer, while around 764,000 others have lost money on it, CNBC reported. President Trump has been a vocal supporter of the crypto industry and has urged more bitcoin mining in the United States so it can be the 'undisputed Bitcoin superpower.' Using the power of the White House to boost the crypto industry — and potentially enrich the Trumps — has raised more than a few eyeballs. But Eric Trump has tried to distance himself from any direct involvement with his father's administration. 'There are no conflicts [of interest] because I don't work with the White House,' Eric Trump said in a recent Bloomberg TV interview. More From GOBankingRates The 10 Most Reliable SUVs of 2025 These 10 Used Cars Will Last Longer Than an Average New Vehicle This article originally appeared on Eric Trump's 'American Bitcoin' Is Going Public — 4 Things To Know Before Investing Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Hindustan Times
14-05-2025
- Business
- Hindustan Times
What is American Bitcoin, the latest addition to Trump's expanding crypto empire?
US President Donald Trump and his family's obsession with cryptocurrency is well known. Now, there is a further evolution to this tale as a new Bitcoin mining venture has been announced on May 12 that has a close connection to the Trump family. American Bitcoin is an all-new cryptocurrency firm backed by President Donald Trump's sons Eric Trump and Donald Trump Jr. It is now slated to become a publicly traded company and will be listed on Nasdaq ,expectedly by 2025, according to an investor presentation. ALSO READ | Microsoft to CrowdStrike: These tech firms lead 2025 layoffs as 50,000 jobs vanish in 5 months The firm will be backed and merged with Gryphon Digital Mining, and the merged entity will be known as "ABTC". This entity's major shareholders will the US President's two sons (98%), with the remaining 2% going to the existing shareholders of Gryphon Digital Mining with whom American Bitcoin will be merging. For Eric and Donald Trump Jr., the fantasy towards cryptocurrency is more from a business point of view. Donald Trump Jr was previously quoted as telling The New York Times. "From the start, we've backed our conviction in Bitcoin, personally and through our businesses. But simply buying Bitcoin is only half the story. Mining it on favorable economics opens an even bigger opportunity." According to the investor presentation on the website, ABTC's co-founder and a member of the management team will be Eric Trump. However, there are concerns emerging that this latest development could have an impact within the Trump administration. It could even lead to conflicts of interest within the administrative brackets. However, this news of American Bitcoin going public did not create much of an impact in the crypto market. Bitcoin kept trading within its usual figures since the announcement, according to CoinMarketCap stats.
Malay Mail
13-05-2025
- Business
- Malay Mail
Trump sons' bitcoin venture to go public in NYSE merger
NEW YORK, May 13 — A bitcoin mining start-up backed by US President Donald Trump's two eldest sons announced plans on Monday to go public on the New York Stock exchange via a merger. American Bitcoin made a deal to be acquired by publicly traded Gryphon Digital Mining Inc in a stock-for-stock merger transaction. The combined company will operate as American Bitcoin, trading under the symbol 'ABTC' and led by American Bitcoin's management team, according to a release. 'Our vision for American Bitcoin is to create the most investable bitcoin accumulation platform in the market,' said co-founder and chief strategy officer Eric Trump, son of the US president. Florida-based Hut 8 Corp launched American Bitcoin earlier this year in partnership with Eric Trump. The stated goal of the business was to build the world's largest 'pure play' bitcoin mining operation along with a strategic reserve for cryptocurrency. Bitcoin mining involves using computing power to solve complex mathematical problems. 'Taking American Bitcoin public is a critical step toward scaling the business at the pace and magnitude we envision,' Hut 8 chief executive Asher Genoot said in the release. The merger could be completed by October, according to the company. The Trump family's business ventures involving cryptocurrency have raised questions regarding conflicts of interest for the president. US crypto investors were major supporters of Trump's presidential campaign, contributing millions of dollars toward his victory in hopes of ending the deep skepticism toward digital currencies held by the administration of his predecessor, Democrat Joe Biden. Donald Trump now has significant financial ties to the sector, partnering with exchange platform World Liberty Financial and launching a 'Trump' memecoin in January. Donald Trump will host the biggest holders of the eponymous meme coin for a dinner, the company overseeing the currency said in late April, sending its price surging. First Lady Melania Trump also launched memecoin of her own, $MELANIA. And President Trump has signed an executive order establishing a 'Strategic Bitcoin Reserve' as well as appointed a crypto advocate to head the Securities and Exchange Commission. Once hostile to the crypto industry, the president has taken significant steps to clear regulatory hurdles. Progress of crypto legislation backed by Trump has struggled in Congress though, with Democratic legislators expressing concerns about his business interests in the area. — AFP
Yahoo
13-05-2025
- Business
- Yahoo
Trump Family-Backed American Bitcoin to Go Public via Merger With Gryphon Digital
American Bitcoin, Hut 8's majority-owned unit backed by the Trump family, will go public via a merger with Gryphon Digital Mining (GRYP). Shares of Hut 8 Corp. (HUT) jumped 12% in pre-market trading, while Gryphon Digital Mining (GRYP) soared more than 200%, following the news. American Data Center, which was owned by Eric Trump and Donald Trump Jr, merged their firm with American Bitcoin in March. The Trump brothers own 20% of American Bitcoin, while Hut 8 holds the remaining 80%. The stock-for-stock transaction will result in Gryphon acquiring American Bitcoin, with the combined company adopting the American Bitcoin name and trading on Nasdaq under the ticker 'ABTC.' The merger is expected to close as early as Q3 of 2025. American Bitcoin will retain its current leadership and board, including CEO Mike Ho, and remain focused on scaling low-cost bitcoin (BTC) accumulation. 'This transaction marks the next step in scaling American Bitcoin as a purpose-built vehicle for low-cost Bitcoin accumulation at scale,' said Asher Genoot, CEO of Hut 8. 'By taking American Bitcoin public, we expect to unlock direct access to dedicated growth capital independent of Hut 8's balance sheet.' After the merger, existing shareholders of American Bitcoin are expected to own roughly 98% of the new company. Hut 8 will maintain majority ownership and serve as the exclusive infrastructure and operations partner. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Times
13-05-2025
- Business
- Business Times
Trump family bitcoin operation set to go public
[NEW YORK] A bitcoin mining start-up backed by US President Donald Trump's two eldest sons announced plans on Monday to go public on the New York Stock exchange via a merger. American Bitcoin made a deal to be acquired by publicly traded Gryphon Digital Mining in a stock-for-stock merger transaction. The combined company will operate as American Bitcoin, trading under the symbol 'ABTC' and led by American Bitcoin's management team, according to a release. 'Our vision for American Bitcoin is to create the most investable bitcoin accumulation platform in the market,' said co-founder and chief strategy officer Eric Trump, son of the US president. Florida-based Hut 8 Corp. launched American Bitcoin earlier this year in partnership with Eric Trump. The stated goal of the business was to build the world's largest 'pure play' bitcoin mining operation along with a strategic reserve for cryptocurrency. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Bitcoin mining involves using computing power to solve complex mathematical problems. 'Taking American Bitcoin public is a critical step toward scaling the business at the pace and magnitude we envision,' Hut 8 chief executive Asher Genoot said in the release. The merger could be completed by October, according to the company. The Trump family's business ventures involving cryptocurrency have raised questions regarding conflicts of interest for the president. US crypto investors were major supporters of Trump's presidential campaign, contributing millions of dollars toward his victory in hopes of ending the deep skepticism toward digital currencies held by the administration of his predecessor, Democrat Joe Biden. Donald Trump now has significant financial ties to the sector, partnering with exchange platform World Liberty Financial and launching a 'Trump' memecoin in January. Donald Trump will host the biggest holders of the eponymous meme coin for a dinner, the company overseeing the currency said in late April, sending its price surging. First Lady Melania Trump also launched memecoin of her own, $MELANIA. And President Trump has signed an executive order establishing a 'Strategic Bitcoin Reserve' as well as appointed a crypto advocate to head the Securities and Exchange Commission. Once hostile to the crypto industry, the president has taken significant steps to clear regulatory hurdles. Progress of crypto legislation backed by Trump has struggled in Congress though, with Democratic legislators expressing concerns about his business interests in the area. AFP
