The Trump family raises another $1.5 billion, the business behind Bitcoin mining company American Bitcoin

# Written by: Golem, Odaily Planet Daily  

The Trump family’s crypto empire has added another heavyweight player. On September 3, through an equity swap and merger with U.S. listed company Gryphon Digital Mining, the Trump family-linked Bitcoin mining firm American Bitcoin (NASDAQ: ABTC) went public on the Nasdaq. On its first day of trading, the stock triggered a trading halt due to a surge three times in a row, with its intraday price hitting a high of $14.52. Donald Trump Jr. and Eric Trump, the two sons of Donald Trump, are shareholders of the company. According to Reuters, the two brothers hold approximately a 20% stake, which is currently valued at $1.5 billion.  

## American Bitcoin Aims to Surpass Strategy  

After American Bitcoin’s listing, Donald Trump Jr., the eldest son of Donald Trump, expressed ambitious aspirations, stating that “American Bitcoin will build the largest Bitcoin reserve in the United States.” The implicit message is that it intends to surpass Strategy, the U.S. listed company that currently holds the largest Bitcoin reserve. According to data from BitcoinTreasuries.net, American Bitcoin currently holds 2,443 Bitcoins, ranking 25th among U.S. listed companies. To catch up with Strategy, it needs to purchase an additional 634,000 Bitcoins (valued at over $70 billion).  

According to its official website, American Bitcoin is a company focused on low-cost Bitcoin mining and accumulation. Matt Pruask, the president of American Bitcoin, stated that to achieve this goal, the company will implement a three-tier strategy:  

- **Build the engine**: Operate a cost-effective mining platform to mine Bitcoin at a cost lower than the market average.  

- **Expand reserves**: Leverage access to capital markets to develop and manage strategic Bitcoin reserves.  

- **Lead the ecosystem**: Expand its influence in the Bitcoin economy to the BTC ecosystem through initiatives such as adoption-accelerating products and partnerships.  

American Bitcoin is first and foremost a mining company. Hut 8, a Bitcoin mining enterprise, provides it with advanced ASIC technology and customized data centers to support American Bitcoin’s rapid and cost-effective expansion. With Hut 8’s technical support, American Bitcoin only needs to purchase mining machines. In August, American Bitcoin bought 16,299 Antminer U3 S21 EXPH units from Bitmain, with a total hash rate of 14.02 EH/s, and the transaction value was approximately $314 million. On September 3, American Bitcoin also planned to file an application to raise up to $2.1 billion through a market-priced stock issuance to purchase mining machines.  

“Currently, the cost for us to mine Bitcoin is roughly half of Bitcoin’s actual price. We have fixed assets worth hundreds of millions of dollars, backed by data centers... While others have to buy Bitcoin at market price, we can mine it at a price significantly lower than the market price,” Eric Trump said on September 3, highlighting American Bitcoin’s advantage in mining.  

Essentially, American Bitcoin’s stance on Bitcoin mining is similar to that of Cango, the second-largest listed Bitcoin mining company by hash rate, which mines and holds Bitcoin at low costs. However, American Bitcoin is more aggressive. In addition to mining and holding Bitcoin, it will also expand its reserves through purchases to achieve its goal as soon as possible. In August, according to the *Financial Times*, American Bitcoin was planning to acquire a listed company in Japan to establish a Bitcoin treasury. Given that co-founder Eric Trump has been active in Hong Kong and Japan frequently recently, this rumor is highly credible.  

## The Great Spokesperson – Eric Trump  

Eric Trump is not only the co-founder and Chief Strategy Officer of American Bitcoin but also its spokesperson. Although Eric Trump’s original statement was “I have become one of the great spokespersons for cryptocurrency,” it is obvious that he incorporates promotions for his own company into every public speech, and the effect has been remarkable. After American Bitcoin’s successful listing, Eric Trump reposted the company’s tweet and stated that “he has invested enormous passion and energy into this project over the past 12 months.”  

How did American Bitcoin come to be associated with Eric Trump? It all started with a “pizza night.” In the early days of Trump’s official presidency, he hosted a pizza night at the Trump Golf Club in Jupiter, Florida. On that night, Asher Genoot, the CEO of Bitcoin mining firm Hut 8, met with Eric Trump and had a conversation that lasted for several hours. The result of this conversation was that Asher Genoot convinced Eric Trump to co-found a Bitcoin mining company. Thus, on April 1, 2025, American Bitcoin was officially established.  

After the company’s establishment, Donald Trump Jr., Eric Trump, and Hut 8 collectively held a 98% stake in American Bitcoin. However, according to documents filed by American Bitcoin with the SEC, American Bitcoin is a wholly-owned subsidiary of Hut 8. Hut 8 holds 585,779,924 Class B common shares, accounting for 80% of the voting rights.  

Clearly, in this resource integration initiative, Hut 8 is responsible for technology and company operations, while Eric Trump plays the role of a spokesperson for attracting investment.  

“In the highly competitive Bitcoin mining industry, there are very few ways to stand out. Having the president’s son co-found the company is one of them,” Will Foxley, co-founder of Blockspace Media, pointed out incisively. However, facts have proven that Eric Trump has done a good job.  

Eric Trump has brought numerous capital market connections to American Bitcoin. “Eric can contact many potential partners with just one phone call,” Matt Prusak, CEO of American Bitcoin, emphasized Eric’s close relationships with large family offices and institutions. Additionally, the Trump family name has provided American Bitcoin with considerable narrative value and free exposure, and the stock price performance on its first day of listing is the best proof of this.  

In an interview at the Consensus blockchain conference held in May, Eric said, “Like all Trump family ventures, American Bitcoin aims to become an industry giant. When you have a father who is the president, you will succeed in whatever you do.”  

## What Does the Trump Family Want from U.S. Energy?  

The Trump family’s crypto empire already includes DeFi, stablecoins, meme coins, crypto reserves, and crypto-related stocks. The addition of American Bitcoin has extended its reach into the U.S. energy industry.  

For a long time, the Trump administration has been promoting the “U.S. Energy Priority” policy, which prioritizes the development of domestic energy (especially fossil fuels and nuclear energy) and encourages the development of private and state-level energy projects through measures such as tax breaks and subsidies. The benefit of this policy for Bitcoin mining enterprises is that it indirectly reduces the resistance and costs for U.S. miners to expand and operate. In fact, in June 2024, Trump met with several of the largest U.S. mining farm owners at a campaign event at Mar-a-Lago to discuss how the United States could become the world’s top Bitcoin mining country. In other words, this was also an attempt to gain their political support.  

This is an era of dividends for the mining industry, and “the benefits should not flow to outsiders.” Naturally, the Trump family can also enter this industry to make profits. At the same time, if the Trump family gains a firm foothold in the energy industry through Bitcoin mining enterprises, it will in turn provide crucial support for Trump.  

Eric has repeatedly stated that the WLFI project was founded because traditional banks were unfriendly to the family. After Trump stepped down from his first term, hundreds of the family’s U.S. bank accounts were closed overnight. Trump himself has also stated that banks such as JPMorgan Chase and Bank of America have discriminated against him. If WLFI gains a foothold in U.S. finance through crypto, similar situations will not happen again even if Trump loses the election next time.  

It is evident that during this term, the entire Trump family has been actively cashing in on the “presidential aura,” personally laying out plans in various key fields (especially in terms of basic resources, such as finance, technology, social media, energy, and real estate), in an attempt to keep control firmly in their hands. In this way, even if the political aura fades away someday, the business foreshadowing, resources, and foundations laid down will continue to protect the family’s prosperity.  

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