Newsweek - Eric Trump, son of President Donald Trump, is taking his bitcoin mining company public through American Bitcoin's merger with Gryphon Digital Mining. 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."
President Trump has increasingly aligned himself with the cryptocurrency sector, backing ventures such as the Trump-themed meme coin "TRUMP" and the NFT trading card series bearing his likeness. While Trump once dismissed Bitcoin as a scam, he has since shifted his stance, voicing 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.
In March, the president signed an executive order establishing a national Strategic Bitcoin Reserve, as well as a separate Digital Asset Stockpile. Like other commodity reserves, such as gold or petroleum, the currency will be held by the government as a financial safety net to hedge against future economic instability.
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