Listed bitcoin mining firm Gryphon said it had entered into a merger agreement with American Bitcoin (ABTC), the mining firm where President Trump’s sons are key shareholders. American Bitcoin shareholders are expected to own 98% of the stock when the transaction completes in the third quarter, and the listed firm will be known as American Bitcoin. Eric Trump is Chief Strategy Officer.
Six weeks ago American Data Centers, in which Eric Trump, Donald Trump Jr and listed Dominari Holdings are shareholders, entered into an agreement with Hut 8 to create American Bitcoin. Hut 8 contributed the mining equipment.
“Taking American Bitcoin public is a critical step toward scaling the business at the pace and magnitude we envision,” said Asher Genoot, Board Member of American Bitcoin and CEO of Hut 8. “Time-to-market was a critical factor, and this transaction enables an efficient path to public markets by combining with an entity that is structurally aligned with American Bitcoin’s mining-focused launch strategy.”
Trump family crypto interests
This merger builds upon previous Trump family crypto ventures. Other interests include the issuance of the $TRUMP and $MELANIA memecoins, with certain $TRUMP memecoin holders recently offered the opportunity to have lunch with the President. Bloomberg analyzed the top coin holders who will receive the perks, finding that 56% of them used foreign crypto exchanges. This highlights concerns about the appearance of selling influence. Another listed stock with a Trump affiliation might be viewed in a similar light.
The Trump family also has a controlling interest in World Liberty Financial, which has its own coin, WLFI, and also launched the USD1 stablecoin. Recently USD1 was used to pay a $2 billion investment in Binance by UAE firm MGX, which is chaired by the UAE’s National Security Adviser. The transaction enabled the stablecoin’s issuance to surpass the $2 billion mark shortly after its launch.
While the Trump family expands its crypto footprint, political opposition has mounted.
Democrats push back on crypto affiliations
Democrats have highlighted potential conflicts of interest with the Trump crypto interests, with their protests slowing the momentum of crypto legislation.
Last week they proposed a Bill to prevent the President, Vice-President and Congressional members from being involved directly or indirectly in the issuance of memecoins, digital assets and stablecoins. While it’s no surprise that Senator Warren was amongst the backers of the “End Crypto Corruption Act of 2025“, so are several Democrats that have previously supported bipartisan crypto legislative efforts. They include Senators Gillibrand, Alsobrooks and Kim.
Federal ethics laws, including the Foreign Gifts and Decorations Act, typically limit officials from accepting foreign gifts valued over minimal amounts ($480), while the STOCK Act requires transparent disclosure of financial interests. These regulations aim to prevent both actual conflicts and the appearance of selling influence. Many worry that foreign investments in memecoins could be viewed in this way.
Concerns about these topics have recently extended beyond crypto. The Trump administration also plans to accept a $400 million jet as a gift from Qatar. The plane will be used as Air Force One, with plans for it to pass to the Trump presidential library foundation at the end of Trump’s term. Qatar said it was currently considering the transfer for ‘temporary use’ as Air Force One.
