The second son of President Donald Trump co-founded American Bitcoin Corp. in March, and his ownership in the company is set to be exchanged for approximately 367 million shares of Gryphon Digital Mining Inc., which is listed on Nasdaq.
Gryphon shares were trading around $1 on Thursday, indicating a promising market entry for the merged entity, which will be named American Bitcoin.
Earlier this year, the president directed the creation of a national Bitcoin reserve and launched his official memecoin, TRUMP, which soared tremendously 24 hours after its debut.
Karoline Leavitt, the White House press secretary, stated, “Neither the President nor his family have ever engaged, or will ever engage, in conflicts of interest,” addressing any concerns about potential ethical issues surrounding the venture.
American Bitcoin was created through a collaboration that combined the mining operations of Hut 8 Corp., a Miami-based company, with the investments from Eric Trump and his brother, Donald Trump Jr.
As the chief strategy officer of American Bitcoin, Eric Trump continues to hold an executive position in his father’s real estate business and is involved in various family enterprises. His role in American Bitcoin includes a three-year advisory agreement, which notably does not provide compensation.
In May, Eric Trump expressed his enthusiasm for the future of cryptocurrency during a Bitcoin conference, proclaiming, “America is going to win the crypto revolution.”
He highlighted the supportive stance of his father, Donald J. Trump, stating, “We have a president who loves this industry and is behind this industry 100%.”
When writing, Bitcoin trades at $115,570, declining 2.5% in the 24-hour time frame. This represents a gap between current prices and its recently achieved all-time high of nearly 6% for the market’s leading cryptocurrency.
Featured image from DALL-E, chart from TradingView.com
