Trump sons join new crypto venture
US President Donald Trump's two oldest sons are investing in a major Bitcoin-mining company, the Wall Street Journal reported on Monday.
The Trumps have increasingly aligned themselves with the crypto industry through new ventures, investments, and public endorsements in recent months.
According to the WSJ, Eric Trump and Donald Trump Jr. plan to merge their company, American Data Centers, with a new mining venture called American Bitcoin, which is majority-owned by Hut 8, a publicly traded crypto infrastructure company.
The deal will reportedly give the Trump brothers a 20% stake in the combined entity.
Eric, who will serve as American Bitcoin's chief strategy officer, told 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.'
Miami-based Hut 8 will transfer nearly 61,000 of its specialized mining machines to American Bitcoin in exchange for an 80% stake in the new company, according to the report. Hut 8 said in a press release on Monday that no cash changed hands in the deal.
American Bitcoin aims to become the world's largest Bitcoin miner and build a strategic Bitcoin reserve, Hut 8 said.
Executives behind the venture said the plans are not connected to the US strategic crypto reserve established by President Trump earlier in March by executive order.
Read more
Trump launches 'digital Fort Knox'
Once a crypto critic, Donald Trump changed his position during the 2024 presidential campaign, attracting significant industry support. Since returning to the White House, he has pledged to make the US the
'crypto capital of the world'
and to serve as a
'crypto president.'
The administration of former President Joe Biden took a more cautious approach to digital assets, supporting stricter regulations and greater oversight to curb fraud and money laundering.
In recent months, the Trump family launched a decentralized finance project – World Liberty Financial – and said their social media company would invest in Bitcoin and other digital assets. They also announced plans for a dollar-backed stablecoin.
Some crypto industry figures have reportedly expressed concern that the Trumps could undermine US market credibility after launching highly volatile meme coins featuring the president and his wife Melania.
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