Trump Family Joins Bitcoin Mining Through New Venture American Bitcoin
The Trump family is increasing its presence in cryptocurrency by entering the bitcoin mining sector. Key details include:
- Eric Trump and Donald Trump Jr. are merging their firm, American Data Centers, with a new venture named American Bitcoin.
- They will hold a 20% stake, while Hut 8, a publicly traded crypto infrastructure company, will own 80% and provide nearly 61,000 mining machines.
- No cash exchanged hands in this deal.
- Eric Trump will serve as chief strategy officer and aims to create a "bitcoin reserve" and consider taking the company public.
- American Bitcoin may collaborate with World Liberty Financial, a DeFi project by the Trump brothers.
- Hut 8 will manage operations across its 11 U.S. data centers, leveraging low energy costs for competitiveness.
- The board includes Tinder co-founder Justin Mateen and FabFitFun co-founder Michael Broukhim.
- Despite criticism regarding environmental impact, Eric Trump believes U.S. miners can outperform global competitors due to lower energy costs.