Trump Family-Backed Bitcoin Mining Company Accumulates 215 Bitcoin
According to the latest documents submitted to the U.S. Securities and Exchange Commission (SEC), American Bitcoin, a bitcoin mining company supported by U.S. President Donald Trump’s two sons, Donald Trump Jr. and Eric Trump, has accumulated 215 bitcoin since its establishment at the end of March this year.
The documents show that as of May 31, American Bitcoin holds 215 bitcoin in its corporate reserves, valued at approximately $23.6 million based on the current price of around $109,700. The company stated that its goal is to continue accumulating bitcoin based on ongoing market assessments.
The strategy of ABTC to expand its bitcoin holdings coincides with a growing trend of public and private companies beginning to incorporate bitcoin into their balance sheets, a strategy first implemented by Michael Saylor’s software company in 2020. According to data from Bitcointreasuries.net, over 100 public companies currently hold bitcoin, many of which previously had no ties to the cryptocurrency industry.
A Part of the Trump Family’s Digital Asset Portfolio
According to previous reports by Zombit, the establishment of American Bitcoin followed the strategic transfer of nearly all ASIC mining machines from the bitcoin mining company Hut 8 to American Data Centers in exchange for a majority stake (80%). American Data Centers was created by investors including Eric Trump and Donald Trump Jr. As part of this transaction, American Data Centers was relaunched under the name “American Bitcoin,” focusing on large-scale bitcoin mining and the establishment of bitcoin strategic reserves, with the goal of becoming a publicly listed company.
Eric Trump stated in an interview that the long-term vision of the team is to develop American Bitcoin and Hut 8 into “two sister public companies,” one focused on energy and data center infrastructure, and the other focusing on bitcoin mining and reserves, together forming a vertically integrated and economically efficient enterprise.
This company is just a part of the Trump family’s cryptocurrency business landscape, as family members are also involved in the founding of the decentralized finance project World Liberty Financial (WLFI). According to data from DefiLlama, the USD stablecoin issued by WLFI currently has a market capitalization of $2.1 billion.
In April of this year, the digital media company Trump Media & Technology Group (TMTG), led by Donald Trump Jr., announced a partnership with cryptocurrency exchange Crypto.com and Yorkville America Digital to launch a series of ETFs and ETPs through its fintech brand Truth.Fi. They have currently submitted an application to regulators for the listing of the Truth Social Bitcoin ETF.