Trump sons become part of a new crypto enterprise, reports WSJ
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Eric and Donald Trump Jr. are teaming up with a cryptocurrency firm to establish a significant Bitcoin-mining company in the United States, according to a report by the Wall Street Journal on Monday.
In recent months, the Trump brothers have increasingly aligned themselves with the crypto sector through a variety of ventures, investments, and public endorsements.
As detailed by the WSJ, Eric Trump and Donald Trump Jr. intend to merge their company, American Data Centers, with a new mining enterprise named American Bitcoin, which is primarily owned by Hut 8, a publicly traded crypto infrastructure firm.
This transaction is expected to provide the Trump brothers with a 20% ownership stake in the newly formed entity.
Eric, named the chief strategy officer of American Bitcoin, expressed to the WSJ: “We are a hard-asset family,” adding, “My entire life has been spent building things, and I don’t think there is ever a better hedge against all of that than the true digital assets.”
Based in Miami, Hut 8 plans to transfer nearly 61,000 specialized mining machines to American Bitcoin in exchange for an 80% stake in the new company. Hut 8 confirmed in a press release on Monday that the deal involved no cash transaction.
American Bitcoin aspires to become the largest Bitcoin miner globally and aims to develop a strategic Bitcoin reserve, according to statements from Hut 8.
The executives involved in this venture clarified that their plans do not relate to the US strategic crypto reserve that was established by President Trump through an executive order earlier in March.
After initially criticizing cryptocurrencies, Donald Trump shifted his stance during the 2024 presidential campaign, gaining considerable support from the industry. He has committed to making the US the “crypto capital of the world” and to positioning himself as a “crypto president.”
In contrast, the administration of former President Joe Biden adopted a more cautious stance on digital assets, advocating for stricter regulations and enhanced oversight to combat fraud and money laundering.
In the last few months, the Trump family has initiated a decentralized finance project titled World Liberty Financial and announced that their social media company would invest in Bitcoin and other digital assets. Additionally, they revealed plans for a dollar-backed stablecoin.
However, some individuals within the crypto industry are reportedly worried that the Trumps could potentially damage the credibility of the US market by launching highly volatile meme coins featuring the president and his wife, Melania.
Emily Johnson contributed to this article for TROIB News
In recent months, the Trump brothers have increasingly aligned themselves with the crypto sector through a variety of ventures, investments, and public endorsements.
As detailed by the WSJ, Eric Trump and Donald Trump Jr. intend to merge their company, American Data Centers, with a new mining enterprise named American Bitcoin, which is primarily owned by Hut 8, a publicly traded crypto infrastructure firm.
This transaction is expected to provide the Trump brothers with a 20% ownership stake in the newly formed entity.
Eric, named the chief strategy officer of American Bitcoin, expressed to the WSJ: “We are a hard-asset family,” adding, “My entire life has been spent building things, and I don’t think there is ever a better hedge against all of that than the true digital assets.”
Based in Miami, Hut 8 plans to transfer nearly 61,000 specialized mining machines to American Bitcoin in exchange for an 80% stake in the new company. Hut 8 confirmed in a press release on Monday that the deal involved no cash transaction.
American Bitcoin aspires to become the largest Bitcoin miner globally and aims to develop a strategic Bitcoin reserve, according to statements from Hut 8.
The executives involved in this venture clarified that their plans do not relate to the US strategic crypto reserve that was established by President Trump through an executive order earlier in March.
After initially criticizing cryptocurrencies, Donald Trump shifted his stance during the 2024 presidential campaign, gaining considerable support from the industry. He has committed to making the US the “crypto capital of the world” and to positioning himself as a “crypto president.”
In contrast, the administration of former President Joe Biden adopted a more cautious stance on digital assets, advocating for stricter regulations and enhanced oversight to combat fraud and money laundering.
In the last few months, the Trump family has initiated a decentralized finance project titled World Liberty Financial and announced that their social media company would invest in Bitcoin and other digital assets. Additionally, they revealed plans for a dollar-backed stablecoin.
However, some individuals within the crypto industry are reportedly worried that the Trumps could potentially damage the credibility of the US market by launching highly volatile meme coins featuring the president and his wife, Melania.
Emily Johnson contributed to this article for TROIB News
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