Bitcoin’s price has soared above $100,000, influenced by President Donald Trump’s pro-crypto policies and significant developments in the cryptocurrency mining sector.
Trump Administration’s Crypto Initiatives
President Trump has recently established a Strategic Bitcoin Reserve, aiming to position the U.S. as a global leader in digital assets. This move includes the creation of a U.S. Digital Asset Stockpile, encompassing various cryptocurrencies such as Bitcoin, Ethereum, XRP, Solana, and Cardano.
Hut 8’s Strategic Merger
Hut 8, a prominent Bitcoin mining company, has announced plans to take its subsidiary, American Bitcoin, public through a merger with Gryphon Digital Mining. This all-stock deal will result in the combined entity being listed on Nasdaq under the ticker “ABTC.” The merger is expected to close by Q3 2025, with Hut 8 retaining a majority stake and continuing as the company’s infrastructure and operations partner.
Market Reactions
Following these announcements, Bitcoin’s price reached an overnight high of $105,747 before settling around $103,800, marking a weekly gain of over 10%. Ethereum also experienced a significant increase, trading at $2,555.
In the stock market, Gryphon’s shares surged by 173% following the merger news, while Hut 8’s stock rose by 11%.
These developments underscore the growing intersection between cryptocurrency and traditional finance, driven by strategic corporate moves and supportive government policies.
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