Eric Trump and Donald Trump Jr. announced on Monday their investment in a new Bitcoin mining venture, further expanding the family’s footprint in the cryptocurrency industry.
The Trump sons are partnering with Hut 8, a leading Bitcoin mining company, to establish a new firm called American Bitcoin.
Bitcoin mining involves operating energy-intensive machines to validate Bitcoin transactions and earn newly minted coins.
The industry has seen significant growth in recent years despite concerns over its environmental impact.
Donald Trump Jr. emphasized the economic potential of mining over simply holding Bitcoin.
“From the start, we’ve backed our conviction in Bitcoin, personally and through our businesses,” Donald Trump, Jr. said in a statement.
But simply buying Bitcoin is only half the story. Mining it on favourable economics opens an even bigger opportunity.
Hut 8 to control majority stake
Under the terms of the deal, Hut 8 will own 80% of the new company, while the remaining 20% will be held by American Data Centers Inc., an investment entity that includes Eric and Donald Trump Jr.
The announcement listed Eric Trump as a co-founder and the chief strategy officer of the new firm.
Hut 8 will operate American Bitcoin’s mining facilities across its 11 data centers in the United States.
CEO Asher Genoot highlighted the advantages of US-based operations, citing lower energy costs and scalable infrastructure as key factors in maintaining a competitive edge.
Despite concerns over Bitcoin mining’s environmental footprint, Eric Trump argued that American miners would outperform global competitors due to the lower energy costs in the US.
Trump family’s deepening crypto ties
The Bitcoin mining initiative is the Trump family’s third major cryptocurrency venture in the past year.
During the 2024 presidential campaign, Donald Trump and his sons launched World Liberty Financial, a decentralized finance (DeFi) firm offering digital currencies, including a stablecoin unveiled last week.
In January, Donald and Melania Trump each introduced their own memecoins, a type of cryptocurrency based on online trends and mascots.
These ventures have raised ethical concerns, with government watchdogs warning of potential conflicts of interest.
Since taking office, President Trump has eased regulatory scrutiny on the crypto industry and proposed the creation of a national Bitcoin reserve.
Four years ago, Trump was an outspoken critic of Bitcoin, dismissing it as a “scam.”
Now, he frequently touts plans to make the US the “crypto capital of the planet.”
Industry figures join board of directors
American Bitcoin’s board will include notable investors such as Tinder co-founder Justin Mateen and FabFitFun co-founder Michael Broukhim.
Their involvement signals an effort to bring high-profile backers into the project.
While the new venture is separate from the Trump Organization, it could eventually collaborate with World Liberty Financial.
The company’s priority, however, is ramping up Bitcoin mining operations and amassing a large cryptocurrency reserve.
A post on the company’s X account announced that Eric Trump would present his vision and strategy for American Bitcoin in a livestream on Tuesday.
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