Trump-Backed Firm Acquires $23M in Bitcoin Ahead of Merging

American Bitcoin, a mining firm backed by Eric and Donald Trump Jr., has acquired over $24 million worth of Bitcoin since its launch. This acquisition comes as the company prepares to merge with Gryphon Digital Mining later this year, with American Bitcoin shareholders owning 98% of the combined entity. Instead of traditional mining methods, American Bitcoin uses a unique approach by investing in Bitcoin rather than building their own infrastructure. The firm aims to leverage this strategy for increased exposure and growth within the Bitcoin market.