What is American Bitcoin, the latest addition to Trump's expanding crypto empire?
US President Donald Trump and his family's obsession with cryptocurrency is well known. Now, there is a further evolution to this tale as a new Bitcoin mining venture has been announced on May 12 that has a close connection to the Trump family.
American Bitcoin is an all-new cryptocurrency firm backed by President Donald Trump's sons Eric Trump and Donald Trump Jr. It is now slated to become a publicly traded company and will be listed on Nasdaq ,expectedly by 2025, according to an investor presentation.
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The firm will be backed and merged with Gryphon Digital Mining, and the merged entity will be known as "ABTC". This entity's major shareholders will the US President's two sons (98%), with the remaining 2% going to the existing shareholders of Gryphon Digital Mining with whom American Bitcoin will be merging.
For Eric and Donald Trump Jr., the fantasy towards cryptocurrency is more from a business point of view. Donald Trump Jr was previously quoted as telling The New York Times. "From the start, we've backed our conviction in Bitcoin, personally and through our businesses. But simply buying Bitcoin is only half the story. Mining it on favorable economics opens an even bigger opportunity."
According to the investor presentation on the website, ABTC's co-founder and a member of the management team will be Eric Trump. However, there are concerns emerging that this latest development could have an impact within the Trump administration. It could even lead to conflicts of interest within the administrative brackets.
However, this news of American Bitcoin going public did not create much of an impact in the crypto market. Bitcoin kept trading within its usual figures since the announcement, according to CoinMarketCap stats.
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