The Trump family is stepping deeper into the world of digital assets, this time with a strategic bet on Bitcoin (CRYPTO: BTC) mining.
What Happened: Following the foray into decentralized finance with the family-incepted World Liberty Financial (WLFI) and the controversial TRUMP (CRYPTO: TRUMP) meme coin, which famously left behind a flurry of disillusioned traders, the Trump family has set its sights on Bitcoin mining.
American Bitcoin, a newly formed mining company, will be led in part by Eric Trump and Donald Trump Jr., marking yet another addition to their rapidly growing crypto-centric business portfolio, according to The Wall Street Journal.
American Bitcoin will be formed through a merger with American Data Centers, a venture the Trump brothers launched in February alongside Dominari, a boutique investment firm that recently brought both sons on as advisers.
As part of the deal, the Canada- and U.S.-listed crypto-infrastructure firm Hut 8 (NASDAQ:HUT) will transfer around 61,000 mining machines to American Bitcoin, taking an 80% stake in the joint venture.
No cash was exchanged in the transaction.
Eric Trump, who will serve as the company's Chief Strategy Officer, said the mission is to build the world's largest Bitcoin miner, complete with its own reserve of the digital currency.
He emphasized that this project remains separate from the family's real estate empire, the Trump Organization, but noted that collaborations with WLFI could emerge in the future.
"We're a hard-asset family," Trump told The Wall Street Journal. "Bitcoin is the next frontier for building something tangible in the digital world."
Also Read: XRP Could Hit Up To $29.30 In ‘Max Scenario’ By 2030: Bitwise
Why It Matters: World Liberty Financial, which the Trump brothers launched recently, is a decentralized finance project that has already rolled out meme coins and plans to issue a stablecoin backed by the World Liberty dollar.
American Bitcoin's executive team will feature a mix of familiar and new faces.
Mike Ho, Chief Strategy Officer at Hut 8, will take on the role of executive chairman, while Matt Prusak, formerly of Hut 8, will serve as CEO. High-profile backers including Tinder co-founder Justin Mateen and FabFitFun's Michael Broukhim will join the board alongside Hut 8 executives.
Hut 8 will host the mining equipment across its 11 data centers and include the performance of American Bitcoin in its financial statements.
The company's CEO Asher Genoot noted that access to cheap energy and efficient infrastructure will give American Bitcoin a cost edge in an increasingly competitive landscape.
"There's still more than a century's worth of mining left," Genoot said. "Our ability to do it cheaply at scale is our strategic advantage."
The Trump-led venture enters a market that's tightening.
Bitcoin supply is capped at 21 million, and more than 90% has already been mined.
Despite volatility and environmental critiques surrounding mining energy consumption, Eric Trump sees opportunity in the U.S.'s falling energy prices and crypto-friendly stance. "That's what gives America the edge," he said. "A government that supports low-cost energy and innovation."
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