tion: American Bitcoin, a venture that specializes in Bitcoin and is partially backed by Eric Trump and Donald Trump Jr., will go public after a merger with Gryphon Digital Mining.

American Bitcoin, a venture co-founded by Eric Trump and Donald Trump Jr., will go public after a merger with Gryphon Digital Mining was announced on Friday.

Gryphon will acquire American Bitcoin in an all-stock deal, with the new entity, to be named American Bitcoin, listing on Nasdaq by the third quarter.

The startups' combined value was estimated at $616.5 million based on Friday’s morning trading. Shares of Gryphon surged by over 200% to reach $2.85, while Hut 8 saw a 12% increase.

American Bitcoin, which was formed in March from the merger of American Data Centers and the Trump brothers’ investments, will retain control by its current leadership, including Eric Trump.

The venture, which previously focused on providing energy-efficient data center solutions, now intends to become one of the largest and most efficient Bitcoin miners globally.

Strategic Bitcoin Accumulation Plan

Launched earlier this year, American Bitcoin aims to build a large reserve and focus on low-cost mining operations. The company will follow a similar strategy to Michael Saylor’s firm, MicroStrategy, which holds large quantities of Bitcoin on its balance sheet.

Owning 80% of American Bitcoin, Hut 8 Corp will continue to oversee the company’s infrastructure. Hut 8 CEO Asher Genoot highlighted the potential to access independent capital, allowing the company to scale independent Bitcoin accumulation without using Hut 8’s financial resources.

After the merger, American Bitcoin shareholders will hold nearly 98% of the new publicly held company.

The merger comes at a time when Bitcoin mining has become a highly controversial industry. U.S. miners, particularly those based in states with low electricity costs, have benefited from Beijing’s crackdown on crypto mining.

However, the industry has received considerable criticism from environmentalists and political leaders regarding energy consumption and environmental issues.

With the collaboration with Hut 8 and the expansion of the decentralized finance platform the Trump family’s increased presence in the cryptocurrency sphere has drawn attention.

Recently, Senate Democrats stalled a stablecoin bill supported by the digital-asset industry, following disapproval from members concerned about conflicts of interest.

Nevertheless, the company’s transition into a publicly traded company signals the crypto industry’s rising dominance on the U.S. financial landscape.

Bitcoin (BTC) has found support above the $100,000 level and recovered to $101,706, despite recent price fluctuations. However, historical price metrics indicate that profit-taking may emerge above $105,000 as a massive supply becomes profitable.

Although more than 97% of the BTC supply is in profit, selling pressure might appear above $105,000 as whales capitalize on this rally.

With BTC trading at critical levels and the crypto market fear and greed index showing an increase in optimism, suggests that a peak is near.