Trump kids become part of new crypto venture
(MENAFN) Donald Trump Jr. and Eric Trump are making a major move into the cryptocurrency space by investing in a large Bitcoin mining operation, according to the Wall Street Journal. The brothers plan to merge their company, American Data Centers, with American Bitcoin—a new mining venture primarily owned by Hut 8, a publicly traded crypto infrastructure firm. The merger will give the Trumps a 20% stake in the combined business.
Eric Trump will take on the role of chief strategy officer at American Bitcoin. Speaking to the WSJ, he emphasized the family’s focus on tangible value, saying, “We are a hard-asset family... there’s never a better hedge than true digital assets.”
Under the deal, Hut 8 will contribute nearly 61,000 mining machines to American Bitcoin in exchange for an 80% ownership stake. No money was exchanged as part of the transaction. The company aims to become the largest Bitcoin miner in the world and to build a strategic Bitcoin reserve.
The venture is reportedly separate from the U.S. strategic crypto reserve created under President Trump’s executive order in March. Once skeptical of cryptocurrencies, Trump reversed course during his 2024 campaign and has since positioned himself as a champion of digital assets. He has promised to make the U.S. the “crypto capital of the world.”
The Trump family has recently launched a decentralized finance initiative called World Liberty Financial and revealed that their media company would invest in Bitcoin and other cryptocurrencies. Plans for a dollar-backed stablecoin are also in the works. However, some figures in the crypto industry have expressed concerns over their promotion of highly volatile meme coins featuring the president and First Lady Melania Trump.
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