The Trump family is diving into the world of Bitcoin, as Eric Trump and Donald Trump Jr. partner with Hut 8, a major bitcoin mining company, to launch American Bitcoin.
That new business is part of the growing mainstream interest in bitcoin, the scarce digital asset, and it is becoming more and more accepted as a legitimate investment option.
The Trump sons announced their involvement in American Bitcoin earlier this week. Hut 8 will own 80% of the company, with American Data Centers—the firm backed by Eric and Donald Trump Jr.—taking the remaining 20%.
That venture was then rebranded as American Bitcoin, officially launching the new mining company.
Eric Trump is listed as a co-founder of American Bitcoin. He’ll serve as the company’s Chief Strategy Officer. Donald Trump Jr. expressed excitement about the project, saying:
“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.”
Bitcoin mining requires fast, expensive and specialized computers. Miners get paid in bitcoin when they successfully find a valid block. But that process requires a lot of energy and resources. Efficiency and cost management are critical for profitability.
Hut 8 has contributed most of its bitcoin mining equipment to American Bitcoin in exchange for its majority stake. The goal is to become “the world’s largest, most efficient pure-play miner,” according to the company’s vision.
The Trump family’s increasing involvement in bitcoin mining is a pretty significant shift from their earlier stance. Donald Trump called Bitcoin a “scam against the dollar ” back in 2021.
But by 2024, he was calling for the U.S. to become the “crypto capital of the planet.” That change of heart has been reflected in the broader adoption of digital assets in mainstream finance.
Related: Trump Signs Executive Order Creating U.S. Strategic Bitcoin Reserve
Executives of Bitcoin companies have certainly taken notice—and have shown their support for Trump. Figures like Tyler and Cameron Winklevoss each donated $1 million to his reelection campaign.
American Bitcoin has big plans. They hope to get to over 50 exahashes per second (EH/s) of mining power while being super efficient. They also want to go public which will allow them to raise more capital and expand.
The stock market reacted fast. Hut 8’s stock went up in pre-market trading and then settled at $11.69. Bitcoin’s price however remained at around $82,000.
Despite the recent decline in digital assets and the stock market, the Trump family is optimistic about their venture.
Eric Trump called the partnership with Hut 8 “a great honor” and said, “By combining Hut 8’s proven operational excellence in data centers with our shared passion for Bitcoin and decentralized finance, we are poised to strengthen our foundation and drive significant future growth.”
