Written by: Golem, Odaily Planet Daily

The Trump family's cryptocurrency empire has gained another strong player. On September 3, through a stock swap merger with the publicly listed company Gryphon Digital Mining, the Bitcoin mining company American Bitcoin (NASDAQ: ABTC), associated with the Trump family, went public on NASDAQ. On its first day of trading, it triggered the maximum price increase limit three times, with an intraday high of $14.52. Trump's two sons, Donald Trump Jr. and Eric Trump, are shareholders in the company, and according to Reuters, the two brothers hold about 20% of the shares, currently valued at $1.5 billion.

American Bitcoin Aims to Surpass Strategy

After American Bitcoin went public, Donald Trump Jr., the eldest son of Trump, expressed ambitious goals, stating that "American Bitcoin will establish the largest Bitcoin reserve in the United States," implying a desire to surpass the current largest Bitcoin reserve held by the publicly listed company Strategy. According to data from BitcoinTreasuries.net, American Bitcoin currently holds 2,443 Bitcoins, ranking 25th among publicly listed companies in the U.S., and needs to acquire over 634,000 Bitcoins (worth over $7 billion) to catch up with Strategy.

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

• Build an engine to operate a cost-effective mining platform for Bitcoin mining below market costs;
• Expand reserves by leveraging capital market access to develop and manage strategic Bitcoin reserves;
• Lead the ecosystem by accelerating adoption through products, partnerships, and other initiatives to expand influence within the BTC ecosystem.

American Bitcoin is primarily a mining company, with Bitcoin mining company Hut 8 providing advanced ASIC technology and customized data centers to help American Bitcoin achieve rapid and cost-effective expansion. With Hut 8's technical support, American Bitcoin only needs to purchase mining machines. In August, American Bitcoin purchased 16,299 Antminer S19 XP machines from Bitmain, with a total hash rate of 14.02 EH/s, totaling approximately $314 million. On September 3, American Bitcoin also planned to apply for a public offering to raise up to $2.1 billion for purchasing mining machines.

"Currently, our cost of mining Bitcoin is about half of the actual price of Bitcoin. We have fixed assets worth hundreds of millions of dollars, along with data centers as a backup… While others have to buy Bitcoin at market prices, we can mine Bitcoin at significantly lower prices," Eric Trump stated on September 3, highlighting American Bitcoin's advantages in mining.

Essentially, American Bitcoin's position in Bitcoin mining is similar to that of Cango, the second-largest publicly listed Bitcoin mining company, which also focuses on low-cost Bitcoin mining and holding. However, American Bitcoin is more aggressive; in addition to mining and holding Bitcoin, it plans to expand its reserves through purchases to achieve its goals more quickly. In August, the Financial Times reported that American Bitcoin is planning to acquire a publicly listed company in Japan to establish a Bitcoin treasury. Given that co-founder Eric Trump has been frequently active in Hong Kong and Japan recently, the credibility of this rumor is quite high.

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 spokespeople for cryptocurrency," it is evident that he incorporates personal interests into every public speech, and the results are significant. After American Bitcoin's successful listing, Eric Trump retweeted the company's announcement and stated that he had invested tremendous passion and energy into the project over the past 12 months.

How did American Bitcoin come to be associated with Eric Trump? It all started with a "Pizza Night." Early in Trump's presidency, he hosted a pizza night at his golf club in Jupiter, Florida, where Asher Genoot, the CEO of Bitcoin mining company Hut 8, met with Eric Trump and talked for several hours. The outcome of this conversation was that Asher Genoot convinced Eric Trump to co-found a Bitcoin mining company, leading to the establishment of American Bitcoin on April 1, 2025.

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

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

"In the fiercely competitive Bitcoin mining industry, there are few ways to stand out. Involving the president's son in founding the company is one of them," said Will Foxley, co-founder of Blockspace Media. However, it has been proven that Eric Trump is doing quite well.

Eric Trump has brought many connections from the capital markets to American Bitcoin, with Matt Prusak, the CEO of American Bitcoin, emphasizing Eric's close relationships with large family offices and institutions. Additionally, the Trump family's name provides American Bitcoin with significant narrative value and free exposure, as evidenced by the stock price performance on its first day of trading.

In an interview at the blockchain conference Consensus held in May, Eric stated, "Like all of the Trump family's ventures, American Bitcoin's goal is to become an industry giant." Having a presidential father means success in any endeavor.

What Does the Trump Family Want from American Energy?

The Trump family's cryptocurrency empire now includes DeFi, stablecoins, meme coins, crypto reserves, and coin stocks, and the addition of American Bitcoin extends its reach into the American energy sector.

For a long time, the Trump administration has been promoting an "America First Energy" policy, prioritizing the development of domestic energy (especially fossil fuels and nuclear energy) and encouraging private and state-level energy projects through taxes, subsidies, and other means. This policy indirectly reduces the resistance and costs for Bitcoin miners in the U.S. to expand and operate. In fact, in June 2024, Trump met with several of the largest miners in the U.S. during a campaign event at Mar-a-Lago to discuss how America could become the world's leading Bitcoin mining nation. In other words, it was also to gain their political support.

This is a time of industry dividends, and the Trump family can certainly enter this sector to reap profits. Moreover, if the Trump family establishes a foothold in the energy sector through Bitcoin mining, it will also provide crucial support for Trump himself.

Eric has repeatedly stated that the creation of the WLFI project stemmed from traditional banks' unfriendliness towards the family. After Trump's first term ended, hundreds of the family's bank accounts in the U.S. were closed overnight, and Trump himself has mentioned discrimination from banks like JPMorgan Chase and Bank of America. If WLFI can secure a place in the U.S. financial system through cryptocurrency, similar situations may not occur even if Trump loses the next election.

It is evident that during this term, the entire Trump family is intensively cashing in on the presidential aura, strategically positioning themselves in key areas (especially in basic resources, finance, technology, social media, energy, real estate, etc.) to maintain control. Thus, even if one day the political aura fades, the business foundations, resources, and legacies laid down will continue to protect the family's prominence.

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