Trump family pushes further into crypto, starting another venture

Eric Trump and Donald Trump Jr. are investing in a bitcoin-mining company called American Bitcoin, created by the merger of two firms. Two of President Donald Trump’s sons announced Monday that they were investing in a new bitcoin mining venture, an expansion of the family’s business interests in the crypto industry.

Eric Trump and Donald Trump jnr said they would join forces with bitcoin mining company Hut 8 to create a firm called American Bitcoin. Bitcoin mining is a lucrative branch of the crypto industry, in which large companies run energy-guzzling machines that help process bitcoin transactions. “From the start, we’ve backed our conviction in bitcoin, personally and through our businesses,” Donald Trump jnr said in a statement.



“But simply buying bitcoin is only half the story. Mining it on favourable economics opens an even bigger opportunity.” Under the terms of the deal, Hut 8 will control 80% of the new company, with the other 20% going to a business entity called American Data Centers Inc.

whose investors include the two Trump sons. The announcement Monday by Hut 8 listed Eric Trump as a co-founder of the new mining venture and said he would serve as its chief strategy officer..