Donald Trump's son Donald Trump Jr. and Eric Trump are supporting the cryptocurrency mining company American Bitcoin, which is pushing for listing on NASDAQ. The company declared its transition into a bitcoin accumulation platform through a merger with mining firm Gryphon Digital Mining, established last March.

Melania Trump (from center, right) and Eric Trump, Donald Trump Jr. are listening to the speech of Donald Trump, the Republican presidential candidate and former President of the United States, on the fourth day of the Republican National Convention (RNC) held at Fiserv Forum in Milwaukee, Wisconsin last year. /Courtesy of Reuters=Yonhap News

According to a report by the Financial Times (FT) on the 12th (local time), American Bitcoin aims to attract investor demand for stock-like products that hold bitcoin through its listing, with Eric Trump participating as Chief Strategy Officer (CSO).

The movement towards cryptocurrency-based listings is not limited to this company. BTC, which publishes Bitcoin Magazine, is also planning to merge with Nakomoto Holdings, a blank check company, through Kindley MD and raise a fund of $710 million for bitcoin purchases.

This move gained momentum after President Donald Trump expressed a willingness to actively embrace the cryptocurrency industry. In fact, the digital asset exchange Coinbase saw its stock price surge 7% ahead of its inclusion in the Standard & Poor's (S&P) 500 index. The price of bitcoin has risen over 35% from its April low, surpassing $100,000.

American Bitcoin previously operated under the name American Data Center and changed its name after a joint venture with Hut 8. Recently, Gryphon's stock price soared over 400% shortly after the announcement of its listing on the New York Stock Exchange.

Eric Trump noted, "This announcement is a progress aimed at allowing all investors to easily access bitcoin assets with long-term value."

In the industry, there are analyses suggesting that the listing structure aimed at increasing cryptocurrency holdings was inspired by corporations like MicroStrategy. Brandon Rootnik, son of the chairman of Cantor Fitzgerald, also revealed last month plans to establish a bitcoin holding company, and Canadian firm Sol Strategies and NASDAQ-listed UpExi are also expanding investments related to meme coins.

However, there has been criticism regarding the Trump family's involvement in the cryptocurrency industry. The FT recently reported that pre-purchase evidence was captured in transactions related to Melania Trump's cryptocurrency tokens, resulting in a profit of about $100 million.

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