tl;dr
American Bitcoin, a bitcoin mining company backed by Donald Trump Jr. and Eric Trump, has accumulated 215 Bitcoin worth $23.7 million as of May 31. The firm considers Bitcoin accumulation its core business and plans to continue growing its holdings. This strategy aligns with a growing trend of publi...
American Bitcoin, a bitcoin mining company backed by Donald Trump Jr. and Eric Trump, has accumulated 215 Bitcoin worth approximately $23.7 million as of May 31. The firm regards Bitcoin accumulation as its core business strategy and plans to continue increasing its holdings. This approach reflects a broader trend among public and private companies adding Bitcoin to their balance sheets.
In a filing with the U.S. Securities and Exchange Commission dated June 6, American Bitcoin disclosed its reserves of 215 Bitcoin, valued at current market prices. The company stated that its Bitcoin holdings are a strategic asset, essential for supporting balance sheet strength and enhancing long-term stockholder value.
American Bitcoin’s plan to expand its Bitcoin reserves follows a corporate trend inspired by firms like Michael Saylor’s Strategy, which popularized corporate treasury accumulation of the cryptocurrency starting in 2020. Currently, over 100 public companies have incorporated Bitcoin into their corporate treasuries, even those without prior cryptocurrency ties.
The company recently announced plans to go public through a merger with Gryphon Digital Mining, expected to close by the third quarter of the year. This move is part of the broader digital asset ventures associated with the Trump family.
The Trump family’s increasing involvement in the cryptocurrency space includes ventures such as World Liberty Fi, a decentralized finance platform, and Trump Media & Technology Group’s partnership with Crypto.com to launch crypto and energy-based ETFs. Donald Trump Jr. and Eric Trump have also participated in several cryptocurrency industry events over recent months.
This expanding footprint in crypto has sparked criticism from industry experts, policymakers, and the public, with concerns that the Trump family may be using their political influence to advance personal financial interests within the digital asset industry.