Latest news with #AmericanBitcoin
Coin Geek
3 days ago
- Business
- Coin Geek
Weighing the American dream: A look at Trump's pro-crypto push
Getting your Trinity Audio player ready... On May 12, 2025, American Bitcoin, backed by Eric Trump and Donald Trump Jr., went public through an all-stock merger with Gryphon Digital Mining, marking a pivotal moment in block reward mining. The venture aims to establish a leading Bitcoin mining operation while building a strategic digital currency reserve, positioning itself as 'the most investable Bitcoin accumulation platform,' per Eric Trump. Leveraging the Trump family's prominence, American Bitcoin seeks to attract investors and capitalize on the United States' dominance in Bitcoin mining, which accounts for over 40% of the global hash rate. The strategy focuses on low-cost mining to ensure profitability in a post-halving environment, where block rewards dropped to 3.125 BTC in April 2024. Merging with Gryphon, which is known for its sustainable practices, enhances credibility. Gryphon's use of hydroelectric power aligns with environmental concerns, as electricity can account for up to 80% of mining costs. This is critical in states like Texas and Wyoming, where electricity rates average $0.08 per kilowatt-hour, offering a competitive edge over regions with higher costs. By integrating Gryphon's expertise, American Bitcoin aims to optimize energy efficiency in a market where margins are increasingly tight due to economic pressures. The Trump administration's pro-crypto policies significantly bolster the venture's prospects. Promises of reduced regulatory hurdles, such as streamlined permitting processes for new mining facilities, could accelerate expansion and lower operational barriers. However, proposed 36% tariffs on imported mining equipment from Asia, where most rigs like Bitmain's Antminer S21+ are manufactured, pose substantial challenges. These tariffs could inflate costs, forcing American Bitcoin to explore domestic manufacturing alternatives or negotiate exemptions to maintain profitability. With global mining difficulty at a record 123T and hash price at $0.049 per terahash per second, operational efficiency is non-negotiable for survival. American Bitcoin's public listing on a major exchange enhances its appeal to institutional investors, who are increasingly drawn to the digital currency sector. The Trump brand could legitimize mining as an asset class, attracting capital from traditional finance sectors. Critics, however, caution that the venture's success hinges on BTC's price stability and effective energy cost management. The reserve-building strategy mirrors approaches by firms like MicroStrategy (NASDAQ: MSTR), but risks include public perception tied to the Trump name and potential regulatory shifts if political priorities change unexpectedly. The venture reflects a broader trend of high-profile figures entering the digital asset space, blending political influence with technological ambition. American Bitcoin's success will depend on navigating economic pressures, optimizing energy consumption, and delivering a scalable, sustainable operation in a highly competitive market. The merger with Gryphon positions it to address environmental concerns, but tariffs and market volatility remain significant hurdles. By leveraging the U.S.'s mining infrastructure and political support, American Bitcoin aims to redefine the industry's landscape, but its path forward requires strategic precision. Watch: Breaking down solutions to blockchain regulation hurdles title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Mint
7 days ago
- Business
- Mint
Eric Trump Says He'd Love to See Some Big Banks ‘Go Extinct'
Eric Trump told attendees at a cryptocurrency conference that he wants some big banks to 'go extinct,' echoing complaints from other members of the Trump family about the traditional financial system. 'Honestly, I would love to see some of the big banks go extinct, because, honestly, they deserve it,' Trump said Wednesday while speaking on a panel with his brother, Donald Trump Jr., at the Bitcoin 2025 conference in Las Vegas. The event brought together many of the top figures in the cryptocurrency industry along with political supporters at a time when Bitcoin is near its all-time high above $110,000. President Donald Trump appeared at the conference last year and used his speech to showcase his embrace of the industry, leading to a wave of political donations from cryptocurrency companies and executives. This year, Trump's administration was represented by Vice President JD Vance, who told a cheering crowd that their advocacy had been effective. 'The first piece of advice: take the momentum of your political involvement in 2024 and carry it forward to 2026,' Vance said. 'When it comes to crypto, the last several years have made it clear we are talking about genuine, ground-up innovation, one that's already improving the wellbeing of tens of millions of our fellow citizens,' Vance added. Since taking office, Trump has pushed for more crypto-friendly policies at the same time that his family has pursued a wide array of new business opportunities in the industry. Trump's personal wealth is now closely tied to the value of Bitcoin and other digital tokens, creating concerns about conflicts of interest from ethics experts and other politicians. The Trump brothers appeared on a panel with partners in their new mining venture American Bitcoin, which was started earlier this year. The panel participants encouraged consumers to buy Bitcoin. 'You don't have to buy $100,000 in Bitcoin, buy whatever percent you can,' Trump Jr. said. In a report released Wednesday, the Federal Reserve said that 8% of US adults hold cryptocurrency to use it for financial transactions. This was 'at similar levels to the prior year,' but 'down from 12 percent in 2021, the first time the survey asked about cryptocurrency,' the report said. The Trump brothers spoke to complaints in the industry about traditional banks shutting down accounts that had links to cryptocurrency businesses, which has been referred to as de-banking. They mentioned on Wednesday that the Trump family had been hit by similar issues. The Trump Organization has sued Capital One for closing the company's accounts after Trump's first term in office. The consumer advocacy organization Better Markets wrote a report earlier this year arguing that the focus on debanking is an 'attempt to pressure bank regulator to ignore,' some of the 'known crypto risks and overlook other potential risks crypto poses to banks and the banking system.' This article was generated from an automated news agency feed without modifications to text.
Yahoo
28-05-2025
- Business
- Yahoo
Eric Trump's ‘American Bitcoin' Is Going Public — 4 Things To Know Before Investing
You will soon be able to buy shares of a bitcoin mining venture backed by President Donald Trump's sons, Eric Trump and Donald Trump Jr., following an all-stock merger between their company, American Bitcoin, and Gryphon Digital Mining. Read Next: Explore More: The news was announced on May 12 by Hut 8, an energy infrastructure platform that holds a majority stake in American Bitcoin. 'This transaction marks the next step in scaling American Bitcoin as a purpose-built vehicle for low-cost Bitcoin accumulation at scale,' HUT 8 CEO Asher Genoot said in a press release. 'By taking American Bitcoin public, we expect to unlock direct access to dedicated growth capital independent of Hut 8's balance sheet, while preserving long-term exposure to Bitcoin upside for our shareholders.' Here are four things investors should know about American Bitcoin before its initial public offering. According to the Hut 8 press release, the combined company will operate as American Bitcoin and trade on the Nasdaq under the ticker symbol 'ABTC.' The transaction is expected to close as early as the third quarter of 2025. The stock should go public soon thereafter. I'm a Self-Made Millionaire: American Bitcoin's management team will be led by Eric Trump, Mike Ho and Matt Prusak. The board of directors will include Ho, Genoot, Justin Mateen and Michael Broukhim. Existing stockholders of American Bitcoin are expected to own about 98% of the combined company, according to Hut 8. Immediately following the completion of the transaction, the company will 'beneficially own' a majority of the issued and outstanding capital stock. Hut 8 is an energy infrastructure platform that trades on the Nasdaq under the 'HUT' ticker symbol. According to its website, Hut 8 integrates power, digital infrastructure and compute at scale with the aim of fueling 'next-generation, energy-intensive use cases' such as Bitcoin mining and high-performance computing. Its stock price closed at $17.08 on May 22, and is down about 16.6% for the year. American Bitcoin was launched this year by Eric Trump and Donald Trump, Jr., and got its name following a merger with a Hut 8 unit, Bloomberg reported. The Bitcoin accumulation platform's mission is to 'build American's Bitcoin infrastructure backbone.' According to its website, Gryphon Digital Mining aims to 'power and run scalable, efficient AI computing and Bitcoin mining operations.' It trades on the Nasdaq under ticker symbol GRPY. Shares closed at $1.15 on May 27 and have spent most of 2025 trading at less than 50 cents. The Trump family has a number of cryptocurrency ventures, including the controversial $TRUMP meme coin. So far, the coin has made a few dozen crypto wallets millions of dollars richer, while around 764,000 others have lost money on it, CNBC reported. President Trump has been a vocal supporter of the crypto industry and has urged more bitcoin mining in the United States so it can be the 'undisputed Bitcoin superpower.' Using the power of the White House to boost the crypto industry — and potentially enrich the Trumps — has raised more than a few eyeballs. But Eric Trump has tried to distance himself from any direct involvement with his father's administration. 'There are no conflicts [of interest] because I don't work with the White House,' Eric Trump said in a recent Bloomberg TV interview. More From GOBankingRates The 10 Most Reliable SUVs of 2025 These 10 Used Cars Will Last Longer Than an Average New Vehicle This article originally appeared on Eric Trump's 'American Bitcoin' Is Going Public — 4 Things To Know Before Investing Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
20-05-2025
- Business
- Yahoo
Eric Trump: 'The Banks Made The Biggest Mistake of Their Lives'
'There's a famous saying that sometimes the enemy of your enemy is actually your best friend,' Eric Trump told the crowd at Consensus in Toronto, Canada. 'That was the Trumps with the crypto community. And I think the banks made the biggest mistake of their lives.' The son of U.S. President Donald Trump and co-founder of bitcoin BTC mining company American Bitcoin is also an adviser to World Liberty Financial (WLF), which recently launched a U.S. dollar-backed stablecoin, USD1, that has already reached $2 billion in market capitalization. Co-founders of WLF joined Trump on stage on Friday as they announced that USD1 was now operable across multiple blockchains through Chainlink's Cross-Chain Interoperability Protocol (CCIP). Trump painted a vivid picture of personal grievance turned into ideological conviction, claiming he was 'canceled' by major financial institutions for his political views which then got him interested in crypto as a shield against financial gatekeeping. 'So many of the banks have been weaponized and I was case in point,' said the son of the U.S. president. 'I was probably the most canceled person for doing absolutely nothing wrong, only because we had a political view, and a political view that might not have been popular with some of the big financial institutions and guys, they came after me like I was a dog.' USD1, he said, is a patriotic financial tool for people in unstable or corrupt regimes. 'It gives so much freedom of financial choice, especially to markets and countries where people have never had any kind of financial freedom, had never had any kind of financial independence, might be in a country where it's war torn, where it's subject to corruption, it's subject to ridiculous inflation,' he said. 'Every single day they go to work and their money is being burned under their mattress, and all of a sudden, we give the world the ability to be on the US dollar backed one to one by US Treasuries.' Earlier today, lawyers representing WLF pushed back against scrutiny from U.S. Senator Richard Blumenthal, the leading Democrat on a panel responsible for investigating corruption and mismanagement, who had asked about the ownership and investment structure for Trump-affiliated entities, including WLFI, in a letter last week. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-05-2025
- Business
- Yahoo
Consensus 2025 Wraps in Toronto With Eric Trump
Crypto's "Big Tent" event has wrapped in Toronto as high-profile figures across business, technology and government gathered to discuss crypto's regulatory liberalization and rising adoption. In 2026, Consensus will be hosted in Hong Kong (February) and Miami (May). TORONTO, May 16, 2025 /PRNewswire/ -- Consensus 2025, the world's longest-running and most influential gathering for the crypto, blockchain and AI industries, concluded today at the Metro Toronto Convention Centre bringing together 14,771 attendees from 102 countries. The three-day event serves as the industry's premier "big tent" event, uniting diverse voices from traditional finance, DeFi, policymaking and more to explore the future of digital assets. Featuring 500 speakers across six stages, Consensus 2025 provided attendees with unique insights into the crypto landscape, with DeFi, real-world assets (RWAs), decentralized AI, stablecoins, crypto adoption and the evolving regulatory landscape dominating discussions among the biggest players in the crypto ecosystem. The event also featured North America's largest in-person blockchain hackathon, with over 1,000 developers participating. Highlights of Consensus Toronto included presentations from industry leaders, financial giants, tech powerhouses and White House representatives, including Coinbase, BlackRock and Google. Eric Trump, co-founder and Chief Strategy Officer of American Bitcoin featured on two sessions, with other high profile sessions from Kevin O'Leary, chairman of O'Leary Ventures and host of Shark Tank; Dave Portnoy, founder of Barstool Sports; Anthony Scaramucci, founder of Skybridge Capital. Toronto was chosen as the location for this year's event due to its reputation as a financial powerhouse. It was also pinpointed to welcome a high concentration of Canadian crypto leaders, its growing reputation as a crypto innovation hub and status as the birthplace of Ethereum. "Thanks to our friends at Consensus. They do an amazing job," said Eric Trump of the CoinDesk conference, which has been running since 2015. With plans for Consensus 2026 to take place at the iconic Miami Beach Convention Center in May 2026, Miami is considered the crypto capital of North America and a gateway to LATAM. Miami is set to position the event at the strategic crossroads of global capital, talent and innovation. Coming in February 2026, Consensus will return to the Hong Kong Convention and Exhibition Center. Major sponsors of Consensus Toronto included Stellar, American Bitcoin, BitGo, Fastex, Spacecoin, alongside tech giants Google and AWS and Canadian firms such as WonderFi, Wealthsimple and Coinbase Canada. Secure your ticket for Consensus Miami or Consensus Hong Kong now. Media Contact:Conor McGorry,Senior Account Executive,ClearStory InternationalM: +353 83 805 5747E: conor@ About ConsensusConsensus by CoinDesk is the world's longest-running and most influential gathering for the crypto, blockchain and AI industries. Bringing together industry leaders, policymakers and innovators, it helps people understand the future of digital assets with discussions on key topics such as DeFi, Web3, AI, the evolving regulatory landscape and more. With a mix of panels, keynotes and networking opportunities, Consensus 2025 provides a platform to explore the latest trends shaping the digital economy. Whether you're an industry veteran or just entering the space, this event offers valuable insights and connections in a rapidly evolving field. About CoinDeskCoinDesk is the most trusted media, events, indices and data company for the global crypto economy. Since 2013, CoinDesk Media has led the story of the future of money and investing, illuminating the transformation in society and culture that comes with it. Our award-winning team of journalists delivers news and unparalleled insights that bring transparency, comprehension and context. CoinDesk gathers the global crypto, blockchain and Web3 communities at annual events such as Consensus, the world's largest and longest-running crypto festival. CoinDesk Indices offers expertise in digital asset indices, data and research to educate and empower investors. In November 2023, CoinDesk was acquired by Bullish Group. CoinDesk operates as an independent subsidiary and abides by a strict set of editorial policies. For more information on CoinDesk media and events, please visit View original content to download multimedia: SOURCE CoinDesk Inc Sign in to access your portfolio
