The Trump family’s venture into the world of cryptocurrency is gaining considerable momentum, showcasing their deepening involvement with Bitcoin (BTC) and related assets.
Recently, American Bitcoin, a cryptocurrency mining and investment enterprise spearheaded by Eric Trump and Donald Trump Jr., announced a remarkable fundraising achievement of $220 million as part of its strategy to enhance BTC holdings and amplify mining activities.
This substantial financial boost is aimed explicitly at expanding their infrastructure, utilizing advanced computing systems to efficiently manage Bitcoin transactions and mining operations.
American Bitcoin’s Aspirations
According to Fortune, approximately $10 million of this newly acquired capital was swiftly allocated to Bitcoin purchases. However, the identities of the investors who participated in this venture remain largely undisclosed.
Earlier in the year, Hut 8 announced plans to redirect a majority of its BTC mining assets to American Bitcoin, in exchange for an 80% ownership in this newly established entity. While Eric and Donald Trump Jr. are recognized as key investors, it’s unclear whether they collectively retain the remaining 20% ownership.
Among their notable ambitions, American Bitcoin seeks to pursue a public listing through a reverse merger with Gryphon Digital Mining, aiming to be publicly traded on the Nasdaq with the ticker symbol ABTC by the latter part of this year.
The Trump Family’s Expanding Role in Cryptocurrency
The Trump family’s interest in cryptocurrency is not limited to American Bitcoin. Their media venture, Truth Social, has announced intentions to raise $2.5 billion to develop its own Bitcoin treasury, a move inspired by the pioneering strategies of cryptocurrency advocates like Michael Saylor.
Moreover, the Trump Media and Technology Group (TMTG) has initiated plans to introduce a Bitcoin exchange-traded fund (ETF) in the United States, providing a mechanism for investors to engage with Bitcoin without the necessity of direct ownership.
Additional cryptocurrency projects associated with the Trump family are also emerging. Notably, Donald Trump has launched a memecoin called TRUMP, which has witnessed fluctuating market performance, initially surging to a market cap exceeding $1.7 billion.
However, this memecoin has encountered challenges, with a significant decline following its launch. Just 24 hours after its debut earlier this year, TRUMP skyrocketed from $10 to over $70, only to tumble drastically by 88% from its peak.
Furthermore, World Liberty Financial (WLFI), a decentralized finance (DeFi) initiative, is preparing to unveil an app dedicated to DeFi solutions. This organization has also introduced a stablecoin dubbed USD1, linked to reliable assets such as the US dollar, with a market cap approximating $2.2 billion.
Currently, the TRUMP token trades at $8.57, indicating a significant 23% decrease over the past month. As the crypto market continues to evolve, the Trump family’s endeavors in this arena are drawing considerable attention.
Featured image credit to DALL-E; data sourced from TradingView.com.
