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 11:10AM

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.

Sage D. Young

10h

Zcash nosedives after counterfeit vulnerability revealed

The privacy-focused cryptocurrency has dropped more than 40% in the last 24 hours, shedding $3.8 billion in market capitalization.

$62B

Yaël Bizouati-Kennedy10h

Bitcoin digital asset treasuries (DATs) have taken a big hit amid bitcoin’s tumble, shedding $62 billion in value since the asset’s October 6 all-time high, Artemis data shows, with their fully diluted market cap dropping to $72 billion from $134 billion in early October.

Meanwhile, bitcoin, which has fallen below $62,000 on Friday morning, is down 50% from its all-time high. DAT pioneer Strategy’s market cap stood at $102.2 billion on October 6, according to Macro Trends, and is now down to $45.6 billion, a 55% decline. Strategy has been in hot water since it sold 32 bitcoin earlier this week, and because its digital credit instrument, STRC, has been trading below its par value. Shares of Strategy are down 17% in the past week.

Sage D. Young6/4/26

“Sentiment for crypto is firmly in the gutter” as sector sinks, with tokens hitting multiyear lows

On Thursday, altcoins swept lower as bitcoin weakened. The tokens with the biggest losses in the last 24 hours are NEAR, ethena, and Zcash, each declining double digits in the period.

Other tokens have dropped to lows not seen in over a year in the past 24 hours:

Ethereum dropped 4.4% to under $1,780, a level not seen since April 2025.
XRP declined 4.5% to an 18-month low last hit in November 2024.
Solana decreased 6% to trade below the $70 mark, its lowest price since December 2023.
Dogecoin slid below $0.09, a 27-month low last seen in February 2024.

“Sentiment for crypto is firmly in the gutter as fears surrounding BTC/STRC and its potential overflow compound and overshadow anything that can be read as positive news (e.g. CLARITY movements),” according to Sean Dawson, head of research at crypto options platform Derive.xyz.

“[Altcoins] are high beta plays to BTC and are typically sold heavily in a downturn. Simply put, I’d be even more bearish on alts,” Dawson told Sherwood News.

“Further, liquidity has been drained into this year’s ‘superhot’ narrative of AI/data centers. In other words, there are just better, more exciting opportunities elsewhere,” Dawson added.

One cryptocurrency that has bucked the downtrend has been worldcoin, the native token for World, the digital identity project backed by OpenAI CEO Sam Altman. While the broader crypto market has been pushing lower, WLD has jumped nearly 5% in the last 24 hours and 90% in the past seven days, data from CoinGecko shows.

Yaël Bizouati-Kennedy

6/4/26

Bitcoin nears February lows amid $1.4 billion exiting its ETFs

“This week has been painful in crypto. There is really no other way of putting it.”