Eric Trump’s Inner Story of American Bitcoin
American Bitcoin, which mined 215 Bitcoin between its April launch and May 31st, concludes the Trump family’s crypto business portfolio. As of July 1st, that raised $220 million The company plans to place it for Bitcoin and mining equipment purchases from investors. It includes Trump’s past crypto theater, including memecoin, stubcoin and $2.5 billion Bitcoin financial investment for Trump Media & Technology Group, which will help further integrate the family’s impact on this growth.
Trump’s crypto activity was there It reportedly contributed about $2.9 billion To the family’s wealth in mid-March. American Bitcoin can be added via its primary purpose, Bitcoin accumulation. First, mining generates bitcoin that is below market costs (miners get bitcoin at better value than what they buy on the exchange, as they are rewarded for their work). Then buy more bitcoin and create your own strategic reserve.
As of June 18, Prusac told Wired it was “unable to disclose” when the company began purchasing, but Coinbase Prime is now acting as the company’s “primary market.” (CEO Brian Armstrong reportedly met with President Trump to help shape our crypto policy.)
When Hut8 announced its participation with the Trump brothers to create American Bitcoin, others in the crypto mining industry were “seen by surprise,” Foxley says. Meme coins like Trump Coin make up a flashy, headline-generating cash grab, but Bitcoin mining stores articles that Foxley considers it a “crypto backwater,” underreports it and denies its massive energy use.
But Foxley adds as the Trump administration pushes “the first approach to energy in the US.” The president met with some of the largest miners in the United States while campaigning at Mar-A-Lago in June 2024, where they discussed how the US should become “number one” in Bitcoin mining. Trump reverberated The following month at a Bitcoin Conference in Nashville.
The crypto industry has been poured in $135 million He took part in the 2024 election, lobbyed Congress and maintained his political influence by winning the ears of the president. President Trump has confirmed that he will personally benefit profits in the profits to tie industry success to the US government, encourage crypto-friendly laws and plan federal strategic Bitcoin reserves.
President Trump’s proposed tariffs on Chinese mining equipment have been bad news for US crypto mining, but they have not been in effect so far. On May 12, American Bitcoin announced plans to make it public through a merger with Griffon Digital Mining, which is being taken by NASDAQ. SEC filing “We operate approximately 5,880 Bitcoin mining computers” at a third-party mining center in Pennsylvania. The computer comes from the Chinese company Bitmain.
After American Bitcoin accumulates enough Bitcoin through mining and purchasing, the company’s ultimate goal is SEC submission for American Bitcointo “lead the ecosystem.” This includes supporting the development of Bitcoin and encouraging it to adopt it.
Like everything that’s done with Trump’s last name, American Bitcoin has a “bigest goal.” May interview With the consensus of the Blockchain Conference. The company’s planned merger with Gryphon creates a public institution “focusing on the construction of the world’s largest and most efficient pure play Bitcoin miners,” according to the latter SEC filing. After the merger, the company’s five directors were Ho, Prusak (he is also a venture company that is the founder and partner of the Defense Angels. The website “Investing in the future of national security”), and three non-employees – Michael Browkim, co-founder of Fabfithun, Justin Mateen, and Jeniet, co-founder of Tinder.