Donald Trump's sons, Eric and Donald Jr., are launching a Bitcoin mining company called American Bitcoin Inc., set to be acquired by Gryphon, which has significantly impacted stock prices. This venture represents a further push into cryptocurrency despite the dismal performance of their father's meme coin, $TRUMP. Eric distances himself from potential conflicts, emphasizing their commitment to winning the crypto race. Concurrently, a contest tied to the $TRUMP coin prompted strategic selling among participants who exploited loopholes, reflecting challenges in their father's crypto initiatives.
When news of the deal broke, shares for Gryphon spiked a whopping 460 percent to $2.93 per share - though it's since dropped down below $2.00.
We won the space race. We better win the crypto race,â Eric Trump stated, emphasizing the ambition behind their entry into cryptocurrency.
This merger comes at the same time as the president's own flailing crypto venture, his eponymous $TRUMP coin, hosted a bizarre contest: a dinner with the POTUS.
Savvier investors figured out a smarter scheme, exploiting a loophole in the contest rules that allowed them to sell their coins before the end.
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