American Bitcoin, a bitcoin mining firm co-founded by Eric Trump and Donald Trump Jr, plans to go public via an all-stock merger with Gryphon Digital Mining.

The deal, expected to close in Q3 2025, will leave American Bitcoin’s shareholders with a 98% stake in the combined company.

Eric Trump will take on the role of Chief Strategy Officer following the merger. 

Following the announcement, Gryphon Digital Mining’s shares rose significantly in premarket trading, along with a 13% increase in Hut 8’s shares.

This merger highlights the growing trend of companies holding bitcoin on their balance sheets, offering investors indirect exposure to cryptocurrency.

However, the Trump family’s involvement in cryptocurrency has raised concerns, with critics citing potential conflicts of interest. 

🔗 Source: Reuters

🧠 Food for thought

1️⃣ Bitcoin accumulation as corporate treasury strategy gains mainstream momentum

This move by American Bitcoin reflects a broader trend of companies using bitcoin as a treasury asset, a strategy pioneered by MicroStrategy in 2020 that has now gained wider adoption.

MicroStrategy continues to lead this approach, having purchased approximately 11,000 BTC in Q1 2025 alone, bringing their total holdings to nearly 461,000 BTC 1.

The trend extends beyond crypto-native companies. This strategic accumulation represents a fundamental shift in how corporations view digital assets, moving from purely speculative investments to strategic balance sheet assets that executives believe can preserve value.

Bitcoin’s market maturation is further evidenced by both long-term and short-term holders increasing their positions, with long-term holders adding over 250,000 BTC since early March 2025 2.

2️⃣ U.S. government’s crypto stance creates new institutional framework

The Trump administration’s establishment of a Strategic Bitcoin Reserve marks an unprecedented level of government legitimization for cryptocurrency in the United States.

This formal reserve, administered by the Treasury Secretary, aims to position Bitcoin as a strategic asset within the global financial system and prevents the sale of government-held Bitcoin 3.