Eric Trump, speaking at the Consensus 2025 conference in Toronto on May 15, painted a picture of a world scrambling for Bitcoin. He said he hears the same thing everywhere he goes—on planes, in boardrooms, even from big state funds.
His comments came as he joined Hut 8 CEO Asher Genoot on a panel about where Bitcoin is headed next.
According to Eric Trump, “Everybody in the world is trying to hoard Bitcoin right now.” He added that sovereign wealth funds and the wealthiest families are all in on the rush. He even mentioned hearing the buzz from some of the world’s largest companies.
His point: Bitcoin isn’t just a niche play anymore. It has moved into heavy‑duty territory where major players compete for every last coin.
Based on reports, American Bitcoin—a unit co‑founded by Eric Trump and his brother and owned by Hut 8—struck a deal on May 12 to merge with Gryphon Digital Mining.
The structure is an all‑stock exchange, meaning shareholders of both firms will wake up next year with shares in the same new company.
The partners say that this combined group will list on Nasdaq in Q3 2025, opening the doors for regulated markets to tap into mining profits without holding Bitcoin directly.
Shares Jump After Deal
Investors reacted fast. Gryphon’s stock jumped over 200% after news of the merger hit, and Hut 8 also saw gains. That kind of move tells you how hungry Wall Street is for anything tied to the next Bitcoin halving cycle.
Mining companies tend to gear up for halving‑driven scarcity. By merging, these two hope to share resources, boost hash power, and raise their profiles before the reward cut in 2024 pushes prices up.
Political Pushback Grows
Not everyone is on board. A group of House Democrats walked out of a digital assets hearing earlier this month, upset that questions about ethics slipped by. On May 13, Senate Democrats sent a letter urging US President Donald Trump to unload all cryptocurrency stakes, including stablecoins tied to hard assets.
They’re worried about conflicts of interest if the White House can tweak rules that affect family ventures. One watchdog group, State Democracy Defenders Action, says crypto holdings make up about 40% of the Trump family’s worth, which is close to $3 billion.
Featured image from Unsplash, chart from TradingView
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