During the ongoing discussions at the Wyoming Blockchain Symposium, a prominent statement by tech influencer Eric Trump caught everyone’s attention, hinting that a sovereign wealth fund may have quietly amassed a substantial amount of Bitcoin. “Let me clarify the growing interest in this asset… countries are stealthily accumulating Bitcoin in significant quantities,” he asserted during his keynote session.
Did a Government Acquire a Massive Bitcoin Stash?
He elaborated further by suggesting, “Or perhaps, our nation just discretely acquired 200,000 Bitcoin, and we wish to keep it under wraps, reflecting our strong conviction in this digital asset.” Although he did not provide specific names or timelines, his comment was perceived as anecdotal, originating from discussions with various international leaders. The astonishing figure — 200,000 BTC, estimated at roughly $22 billion based on recent market values — rapidly circulated on social media and cryptocurrency forums.
Trump’s overarching narrative blended a personal transformation story with a robust prediction for Bitcoin. “I’ve always been an advocate for tangible assets… I used to tease [Michael Saylor], saying that unless I can feel, touch, or see something, it doesn’t truly appeal to me,” he shared, explaining how blockchain challenges and financial issues prompted his entry into the crypto space.
“Currently, I dedicate over 50% of my time to exploring crypto,” he proclaimed, labeling the present regulatory framework as “the most favorable it has ever been,” and asserting that Bitcoin is “on the verge of a breakthrough,” anticipating “explosive growth” within the next six months and an “incredible” decade ahead. As a self-identified “Bitcoin proponent,” he maintained his optimistic price targets: “It’s undoubtedly heading toward $1 million,” and added confidently that it “should reach $175,000 by year-end.”
When discussing geopolitical factors, he highlighted a “digital land grab,” where sovereign wealth funds and corporations are increasingly integrating Bitcoin into their treasury reserves. “In ways that might surprise you,” he commented, recalling a conversation with a private banker who once dismissed Bitcoin as “funny money” and later reached out to him for advice on purchasing it — at a tripled price.
Trump emphasized how a confluence of risks, including de-banking hazards, inflation in developing regions, and challenges with traditional payment systems, fuels both institutional and retail engagement: “We could set up a wallet and transfer $100 million in Bitcoin in just two seconds,” he noted, contrasting it with the lengthy process of commercial real estate transactions.
The mention of “200,000 BTC” carries particular weight as it correlates — yet diverges — from visible estimates regarding government-controlled Bitcoin wallets. Reports indicate that the U.S. government’s confiscated Bitcoin holdings are nearing similar figures and have been part of discussions around the strategic framework for national Bitcoin reserves.
Shining a Spotlight on American Bitcoin
The conference also showcased American Bitcoin, a mining and treasury project supported by Trump in collaboration with Hut 8. CEO Asher Genoot discussed their operation’s financials: he stated that the average energy cost for mining a Bitcoin last quarter was approximately $37,000, with total expenses nearing $57,000, creating a competitive edge against purchasing Bitcoin directly.
Hut 8 boasts around a gigawatt of operational capacity with ongoing site exclusivity and a multi-gigawatt development pipeline, Genoot explained, asserting that their vertical integration enables American Bitcoin to function as a distinctly focused mining entity without the burden of a large fixed management team. He equated their investment strategies to the oil and gas sector, emphasizing that if new rigs (ASIC miners) don’t outperform external BTC purchasing, investments won’t proceed.
Moreover, American Bitcoin’s plans to go public were another key discussion point. Hut 8 revealed intentions for its majority-owned subsidiary to be listed on Nasdaq using the ticker ABTC, merging with Gryphon Digital Mining, with shareholder votes anticipated by late August and completion aimed for early September, pending necessary approvals. Their documentation and subsequent media discussions depict this venture as a “premier platform for Bitcoin acquisition,” while Hut 8 retains significant control. Recent updates have also indicated that American Bitcoin acquired 1,726 BTC in the second quarter as part of its treasury strategy.
As of now, the price of Bitcoin stands at $113,845.
