Trump Sons-Backed American Bitcoin Has Amassed $23.7 Million in BTC
American Bitcoin, a bitcoin mining firm backed by Donald Jr. and Eric Trump, has accumulated 215 Bitcoin since its launch in April, valued at $23.7 million as of May 31. The firm views Bitcoin as a core strategic asset, emphasizing that its accumulation is central to its business model. American Bitcoin plans to continue increasing its Bitcoin reserves based on market assessments. This strategy aligns with a trend where over 100 public companies have adopted Bitcoin into their corporate treasuries. The firm is set to go public through a merger with Gryphon Digital Mining, expected to close in the third financial quarter of this year. The Trump family's involvement in cryptocurrency includes launching a decentralized finance platform and partnerships with digital asset exchanges, drawing criticism for potentially exploiting their political connections for personal gain.
