Trump Brothers Help Launch Crypto-Mining Venture
The Trump family is continuing its cryptocurrency efforts, teaming with bitcoin mining firm Hut 8.
That company announced Monday (March 31) the launch of American Bitcoin Corp., which will focus on Bitcoin mining and “strategic Bitcoin reserve development.” Backing the company are Eric Trump — the firm’s chief strategy officer — and Donald Trump Jr., the president’s older sons.
“From the start, we’ve backed our conviction in Bitcoin — personally and through our businesses,” Trump Jr. said in a news release. “But simply buying Bitcoin is only half the story. Mining it on favorable economics opens an even bigger opportunity. We’re excited to bring investors into that equation through a platform engineered to execute on this thesis and deliver real, tangible participation in Bitcoin’s growth.”
According to the release, Hut 8 contributed the bulk of its application-specific integrated circuit (ASIC) miners to the effort in exchange for an 80% stake in the company.
American Bitcoin is the latest in a series of crypto-related ventures tied to the Trump family following the president’s embrace of the crypto sector on the campaign trail last year.
Last week, World Liberty Financial (WLFI), the decentralized finance company backed by the Trump family, announced plans to introduce USD1, a stablecoin redeemable 1:1 for the U.S. dollar and backed by short-term U.S. government treasuries, U.S. dollar deposits and other cash equivalents.
One day earlier, Trump Media, owner of the president’s Truth Social platform, said it was joining forces with Crypto.com to roll out a series of exchange-traded funds (ETFs).
These ETFs, the company said, would “comprise digital assets as well as securities with a Made in America focus spanning diverse industries such as energy.”
Speaking to a digital asset conference earlier this month, President Trump said the U.S. would “dominate crypto and the next generation of financial technologies, while highlighting the actions his administration has taken to reach this goal.
These actions, Trump told the Blockworks conference, include hosting the first White House digital asset summit, signing an executive order creating the Strategic Bitcoin Reserve and the U.S. Digital Asset Stockpile.
Trump also argued his administration has ended the Biden administration’s “regulatory war on crypto and bitcoin,” while also calling on Congress to pass legislation creating “simple, commonsense rules” for stablecoins and market structure.
“With the right legal framework, institutions large and small will be liberated to invest, innovate and take part in one of the most exciting technological revolutions in modern history,” Trump said.