Donald Trump's sons launch American Bitcoin mining company targeting NYSE IPO

A start-up Bitcoin mining company backed by the two eldest sons of US President Donald Trump has announced plans to go public on the New York Stock Exchange

A start-up Bitcoin mining company backed by the two eldest sons of US President Donald Trump has announced plans to go public on the New York Stock Exchange through a merger, AFP reported.

American Bitcoin has agreed to be acquired by publicly traded Gryphon Digital Mining Inc. in a merger through a share exchange.

The combined company will operate as American Bitcoin, trade under the symbol ABTC, and be led by American Bitcoin's management team, according to a statement.

"Our vision for American Bitcoin is to create the most attractive platform for accumulating Bitcoin on 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 is to build the world's largest "pure" bitcoin mining operation, along with a strategic reserve of the cryptocurrency.

Bitcoin mining involves using computing power to solve complex mathematical problems.

"The launch of American Bitcoin on the stock exchange is an important step toward growing the business at the pace and scale we envision," Hut 8 CEO Asher Genoot said in the statement.

According to the company, the merger could be completed by October.

The Trump family's business ventures related to cryptocurrencies have raised questions about conflicts of interest for the president.

American crypto investors were major supporters of Trump's presidential campaign, donating millions of dollars to his victory in the hope of ending the deep skepticism toward digital currencies held by his predecessor, Democrat Joe Biden.

Donald Trump already has significant financial ties to the sector, partnering with the World Liberty Financial exchange platform and launching a "Trump" meme coin in January.

Donald Trump will host a dinner for the largest holders of the eponymous meme coin, the company that manages the currency announced in late April, causing its price to surge.

First Lady Melania Trump also launched her own meme coin, $MELANIA.

And President Trump signed an executive order to create a "Strategic Bitcoin Reserve" and appointed a cryptocurrency advocate to head the Securities and Exchange Commission.

Once hostile to the crypto industry, the president has taken significant steps to remove regulatory barriers.

However, progress on crypto legislation backed by Trump has faced difficulties in a relevant report by Together Count.