Eric Trump's bitcoin mining company, American Bitcoin, is merging with Gryphon Digital Mining to go public

Following the announcement, Gryphon's shares surged 285 percent to $2 and have risen nearly 400 percent year-to-date.

Eric Trump's bitcoin mining company, American Bitcoin, is set to go public through a merger with Gryphon Digital Mining,, according to an announcement on Monday.

Gryphon's shares soared 285 percent following the announcement. The merged entity will retain the American Bitcoin name and be managed by its current leadership, with plans to list on the Nasdaq under the ticker "ABTC."

American Bitcoin will continue its mission to create a scalable and long-term value-creating bitcoin investment platform, according to Eric Trump, co-founder and Chief Strategy Officer of American Bitcoin.

"We are excited to partner with the Gryphon team to bring this unique and value-driven bitcoin accumulation vehicle to market," Eric Trump said in a statement.

American Bitcoin was founded earlier this year and its board members include Asher Genoot, CEO of Hut 8, which is spinning out its mining operations to form American Bitcoin.

"We believe that this partnership with Gryphon will accelerate the growth of American Bitcoin and provide significant value to our investors," Genoot added.

Hut 8 shares rose 10 percent on Monday. The deal is expected to close in the third quarter of 2025.

President Trump has increasingly aligned himself with the cryptocurrency sector, recently backing ventures such as the Trump-themed meme coin "TRUMP" and the NFT trading card series bearing his likeness.

Trump previously dismissed Bitcoin as a scam during the 2020 presidential campaign. However, he has since shifted his stance, showing support for crypto innovation and calling for a regulatory environment that encourages digital asset growth. He has also criticized federal agencies for what he describes as overreach.

This is a developing story and will be updated as more information is available.