In the context of the increasing intertwining of cryptocurrency and geopolitics, a significant piece of news has once again drawn global attention. Documents from the U.S. Securities and Exchange Commission (SEC) reveal that Chinese ASIC mining giant Bitmain has provided exceptionally favorable equipment terms to a company partially owned by Eric Trump—American Bitcoin. This deal, valued at hundreds of millions of dollars, not only involves preferential technology usage rights and unique payment conditions but also closely links the Trump family's cryptocurrency business with a Chinese tech giant, raising external concerns about "political business" and national security risks. A deep confrontation surrounding Web3, AI chips, and the U.S.-China tech rivalry is quietly escalating.
- Core Controversy: The Cloud of Doubt Behind Bitmain's "Exceptionally Favorable" Terms
SEC documents reveal that Bitmain offered American Bitcoin Company terms that far exceed the norm, which has become the core of this controversy.
Unique Payment Method: American Bitcoin Company pays Bitmain with "staked" Bitcoin rather than cash. Even more surprisingly, these Bitcoins can be redeemed at the current price up to two years later, while the redemption period for staked Bitcoins offered to other clients by Bitmain is typically six months.
Preferential Technology Usage Rights: According to a press release from American Bitcoin Company, the "preferential usage rights" for technology purchased from Bitmain are "key to maintaining structural cost advantages."
Massive Transaction: American Bitcoin Company is purchasing over 16,000 advanced mining machines from Bitmain, a deal worth hundreds of millions of dollars.
Eric Trump currently holds 7.5% of American Bitcoin Company. The company was established in March of this year, just two months after Donald Trump's inauguration, and went public on the Nasdaq on September 3. Although there have been reports of astonishing stock returns from Trump's joint ventures, the news of Bitmain providing favorable access and payment terms had not been previously reported.
- The Interweaving of Politics and Business: Experts Question "Influence Trading"
Bitmain's preferential treatment has raised concerns among experts about "political business" and potential "influence trading."
The Nature of "Political Business": In May, Matt Prusak, president of American Bitcoin Company, emphasized at a Bitmain-sponsored Bitcoin conference in Las Vegas: "If you think you are in the energy industry, computing industry, or Bitcoin industry, you are only half right. Ultimately, you are in the political industry."
Experts Question: James Angel, a finance professor at Georgetown University's McDonough School of Business, stated, "The disclosed terms are quite unusual. Providing credit is one thing. But it’s strange: 'When you mine at a discount, you can choose to repurchase.' If the president's family is involved, it raises an obvious question: Is Bitmain trying to gain special treatment?" Eric Chaffee, a law professor at Case Western Reserve University, also warned that even if it appears inappropriate on the surface, there may be issues, pointing out, "This looks a bit like a private deal, and they are doing this to exert some influence on the Trump administration."
National Security Concerns: Iowa Republican Congressman Zach Nunn urged the Treasury Department to review Bitmain and another Chinese Bitcoin company, writing, "American families should know that our power grid, digital infrastructure, and national security are not threatened by foreign entities with opaque ownership and ties to hostile regimes." The U.S. Department of Commerce is actively investigating potential sanctions violations by Bitmain's AI company, Sophgo, which is directly related to the current federal government's focus on these miners and maintenance centers.
- Bitmain's U.S. Strategy: Transitioning from "Made in China" to "Produced in America"
In the face of escalating U.S.-China trade tensions and national security concerns, Bitmain is actively adjusting its global strategy, planning to relocate part of its manufacturing operations to the United States.
U.S. Factory Plans: Bitmain announced in July that it plans to open its first U.S. factory by the end of 2025, aiming to start production as early as early 2026 in Texas or Florida.
Addressing Challenges: This move aims to resolve supply chain issues, avoid U.S. tariffs (which have caused prices of mining machines manufactured in Asia to rise by 24% to 36%), accelerate delivery times, simplify maintenance processes, and solidify its market position in the U.S. (which consumes 40% of global computing power).
Energy and Environmental Considerations: Bitmain will focus on producing energy-efficient mining machines (such as the Antminer S23 Hydro), prioritizing renewable energy and complying with local regulations to address concerns about the energy consumption and environmental impact of Bitcoin mining.
Bitmain's Response: In a statement to The Guardian, Bitmain stated that the company strictly adheres to U.S. laws and regulations and has never engaged in activities that pose risks to U.S. national security.
- The Trump Family's Cryptocurrency Footprint: Deep Binding of Politics and Web3
American Bitcoin Company is not the Trump family's first foray into the cryptocurrency space.
World Liberty Financial: Another cryptocurrency company under the Trump family—World Liberty Financial—has no connection to American Bitcoin aside from Eric Trump's ownership. The company announced in May that the UAE would use its stablecoin in a $2 billion investment involving an independent cryptocurrency exchange.
Active Promotion: Eric Trump has been promoting American Bitcoin and its stock, appearing alongside company executives at investor forums and business news broadcasts, claiming that Bitcoin's price will soar to $1 million.
"De-Banking" Background: He reiterated that the Trump family's shift to cryptocurrency was due to the "de-banking" of cryptocurrency following the January 6, 2021, Capitol riots.
Policy Crossovers: American Bitcoin's prominence is partly due to its numerous intersections with U.S. policy: Trump announced a "strategic Bitcoin reserve," which could help drive up Bitcoin prices; relaxed regulations on energy, which is key to cheap Bitcoin mining; and implemented policies toward China that seem to oscillate between intense economic confrontation and reconciliation.
Conclusion:
The incident of Eric Trump's company receiving "special treatment" from Chinese giant Bitmain is a microcosm of the deep intertwining of politics, cryptocurrency, national security, and the U.S.-China tech rivalry. This not only raises questions about "influence trading" but also highlights the complex and subtle relationship between traditional political power and the emerging digital economy in the Web3 era. Bitmain's strategic transformation in the U.S. and the Trump family's active positioning in the cryptocurrency space both indicate that the future development of the cryptocurrency industry will not only be a competition of technology and markets but also a multidimensional game among countries in terms of regulation, security, and geopolitics.
Related Reading: Eric Trump's younger brother Barron exposed for insider trading? Chinese trader: I crashed the market.
Original Article: “Eric Trump's Younger Son Receives Special Treatment from Chinese Giant? Bitmain's ASIC Miner Deal Sparks Controversy”
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