A bitcoin mining firm backed by President Trump’s son Eric will go public this year, the company announced Monday, deepening the Trump family’s interest in cryptocurrency.
American Bitcoin — which lists Eric Trump as its co-founder and has its roots in a company backed by Donald Trump Jr. — is merging with the publicly-traded Gryphon Digital Mining. The all-stock transaction will allow the firm backed by the Trump brothers to be listed on the Nasdaq exchange. The merger is expected to close as early as the third quarter of this year.
The company’s goals, according to an overview posted Monday, are to mine new bitcoin “below market cost” and to build up a reserve of the cryptocurrency.
“Our vision for American Bitcoin is to create the most investable Bitcoin accumulation platform in the market,” Eric Trump said in a statement.
American Bitcoin was launched in March, with crypto mining firm Hut 8 owning a majority stake. At the time, the company said it “aims to become the world’s largest, most efficient pure-play Bitcoin miner.” It’s the successor to American Data Centers, a venture backed by Eric Trump, his older brother Donald Trump Jr. and publicly traded Dominari Holdings.
https://www.cbsnews.com/news/trump-family-bitcoin-mining-crypto-interests/