American Bitcoin is a joint venture between Eric Trump, Donald Trump Jr. and Hut 8, another Bitcoin mining firm. To create the Trump-backed Bitcoin mining company, Hut 8 contributed the vast majority of its Bitcoin mining ASICs, or specially designed computer chips, in exchange for 80% of the new company’s stock. Hut 8 will focus its remaining operations on building out its data center business, which includes hosting computer chips to power AI.
Their efforts have netted them serious cash.
The accelerating sprawl of the Trump crypto empire has raised alarm bells among ethicists and Democrats, who argue that the crypto ventures provide would-be influence peddlers a direct means of lining the 47th president’s pockets. Eric Trump has previously disputed those allegations and said he doesn’t talk with his father about his business ventures.
