The Trump family is intensifying its engagement in cryptocurrency, notably entering the realm of bitcoin (BTC) mining, as reported by a leading financial publication.
Eric Trump and Donald Trump Jr. are joining forces with their company, American Data Centers, to create a new bitcoin mining operation named American Bitcoin, acquiring a 20% share in the enterprise. The remaining 80% will be held by Hut 8, a publicly listed crypto infrastructure company, which will supply approximately 61,000 mining rigs to the joint venture. Notably, no cash was exchanged in this arrangement.
Eric Trump, appointed as the chief strategy officer of American Bitcoin, characterizes this effort as consistent with the family’s investment strategy focused on tangible assets, equating digital currencies with real estate. He highlighted ambitions to establish a “bitcoin reserve” and possibly consider taking the company public in the future.
While American Bitcoin operates independently from the Trump Organization, there may be future synergies with World Liberty Financial—the decentralized finance project spearheaded by the Trump brothers.
The mining operations will take place at Hut 8’s 11 data centers across the United States. CEO Asher Genoot pointed out that the low energy costs and scalable infrastructure available will give American Bitcoin a significant competitive advantage.
The board will feature prominent figures, including Tinder co-founder Justin Mateen and FabFitFun co-founder Michael Broukhim. Despite facing scrutiny over the environmental consequences of bitcoin mining, Eric Trump is optimistic that the lower energy expenses in the U.S. can enable American miners to outperform their global rivals.
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