Eric Trump raises a triumphant hand (Bryan Steffy/Getty Images)

American Bitcoin, backed by Trump’s eldest sons, set to start trading soon

The company is expected to merge with Gryphon Digital in early September.

8/28/25 10:10AM

American Bitcoin, the Hut 8 subsidiary backed by Eric Trump and Donald Trump Jr., is set to begin trading on the Nasdaq in early September via an all-stock merger with Gryphon Digital, Reuters reported, noting that the Trump brothers and Hut 8 are set to own a whopping 98% of the new entity.

“Instead of going public directly via IPO, we thought that there was a lot more advantages to financing if we had an existing company that already had access to different financing too,” Hut 8 CEO Asher Genoot told Reuters. He added that “anchor shareholders in the listing have been finalized.”

Major shareholders include Gemini’s cofounders, Tyler and Cameron Winklevoss, “who invested with bitcoin rather than cash,” Genoot said in the second-quarter earnings call earlier this month.

In other bitcoin news...

South Korea’s newly launched BitPlanet will be “the first institutional, global bitcoin treasury in the country,” Paul Lee, cofounder of Lobo Ventures, announced at Bitcoin Conference Asia. The newly rebranded company will “deploy $40 million of fresh cash into the bitcoin strategy on Day 1.”
UK-based The Smarter Web Company acquired 45 bitcoin and now holds 2,440 bitcoin.

$1.2B

Yaël Bizouati-Kennedy18h

Crypto liquidations reached $1.2 billion in the past 24 hours, according to CoinGlass data, as bitcoin continued its downward trajectory. Bitcoin suffered $458.24 million in liquidations, with the bulk of them — over $334 million — in long positions. Meanwhile, the second-biggest crypto, ethereum, saw the second-biggest figure for liquidations yesterday, with $278 million.

Bitcoin slipped as far as $103,856 early Friday morning, its lowest level since July, and is down 13% in the past seven days. The sell-off dragged the total crypto market cap down to $3.67 trillion, down 5.5%. Underscoring the market anxiety, CoinMarketCap’s fear and greed index is now at 28.

Bitcoin ETFs also suffered, registering $536 million in outflows on Thursday. The Ark 21 Shares Bitcoin ETF took the biggest hit, with $275.15 million in outflows. Since Monday, bitcoin ETFs have seen $864.5 million in outflows.

Maja Vujinovic, CEO and cofounder of digital assets at FG Nexus, told Sherwood News that bitcoin’s slump looks like a classic risk-off chain reaction.

“Credit jitters and trade tensions pushed money into gold at record highs while leveraged crypto longs were forced to unwind. Once the liquidations exhaust and policy fog clears, the same macro buyers chasing safety today are likely to hunt value in BTC again,” Vujinovic said.

Sage D. Young

10/16/25

SharpLink Gaming announces $76.5 million capital raise and potential to more than double that

An analyst noted that “flows and positioning, not fundamentals, are shaping the ETH story right now.”

Yaël Bizouati-Kennedy

Desperately Seeking Uptober

10/16/25

Bitcoin drops below $110,000, while treasuries slow down acquisitions

Glassnode analysts wrote that “the market is in a reset phase.”

Sage D. Young

10/15/25

Ethereum ETFs flip black as the token rebounds above $4,000

SharpLink Gaming generated 488 ethereum tokens worth about $2 million from staking last week, while ETHZilla announced a reverse stock split at a 1-for-10 ratio.

$15B

Yaël Bizouati-Kennedy10/15/25

The US government seized 127,271 bitcoin, worth $15 billion, in what it calls the Department of Justice’s “largest ever forfeiture action.”

The indictment against Chen Zhi, chairman of Cambodian conglomerate Prince Group, alleges that he engaged in wire fraud conspiracy using forced labor in Cambodia.

“Individuals held against their will in the compounds engaged in cryptocurrency investment fraud schemes, known as ‘pig butchering’ scams, that stole billions of dollars from victims in the United States and around the world. The defendant is at large,” according to a DOJ press release.

This is “exactly the kind of outcome the Strategic Bitcoin Reserve was designed to enable,” Zack Shapiro, managing partner at Rains Law and head of policy of the Bitcoin Policy Institute, said on X.

This significantly increases the size of the US’s strategic reserve, which held over 197,000 bitcoin before the seizure. As of today, Arkham Intelligence data shows it’s holding 324,780 bitcoin, worth over $37 billion.

American Bitcoin, backed by Trump’s eldest sons, set to start trading soon

More Crypto

Latest Stories