Crypto news

Trump Family’s Bitcoin Venture: A New Crypto Kingdom or a Pipe Dream?

BBG News
  • Eric Trump’s American Bitcoin plans to hit the stock market with dreams of ‘low-cost BTC hoarding’!
  • Lucky stockholders of American Bitcoin will get 98% of the cake, while Gryphon gets a crumb (2%).

Hold onto your hats, folks! American Bitcoin, the glorious BTC mining empire co-founded by none other than Eric Trump, is set to go public. Yes, you heard that right. Because what better way to scale a family business than by dumping it into the stock market, right? 🍿

In a jaw-dropping statement on May 12, the company announced it will merge with Nasdaq’s Gryphon Digital Mining, apparently to, and I quote, ‘scale BTC accumulation.’ What does that even mean? Who knows! But it’s definitely about getting more of that sweet, sweet Bitcoin without lifting a finger… or maybe just a few fingers. 💸

“Positions American Bitcoin to become a publicly traded vehicle for low-cost Bitcoin accumulation at scale.”

And for those wondering, American Bitcoin is mostly owned by Hut 8, a so-called top-tier BTC mining operator. So don’t worry, the family won’t be struggling for coins any time soon. 🏦

Now, the cherry on top of this Bitcoin sundae: According to the deal, American Bitcoin stockholders get to own 98% of the newly merged entity. That’s right, folks—98%. Gryphon shareholders? A mere 2%. Apparently, math doesn’t work the same way when you have a last name like Trump. 👑

The Bitcoin Reserve Play: The Trump Family Way

Once the dust settles, the company will rebrand itself as… drumroll, please… American Bitcoin! But, wait, there’s more! The company will focus on industrial BTC mining and the ever-so-charming BTC reserve development. Because why not? In Eric Trump’s words,

“Our vision for American Bitcoin is to create the most investable Bitcoin accumulation platform in the market.”

Clearly, this is just the latest Trump family obsession. First it was stablecoins, then DeFi, and now… mining Bitcoin, because you know, why not go for the whole crypto buffet? 🍴

Asher Genoot, the CEO of Hut 8 and board member of American Bitcoin, is all too eager to see this venture go public. He claims it will “allow the firm to scale and meet its goals.” Ah, yes, scaling… because that’s what we need more of in the Trump family business—more “scaling” of Bitcoin! 📈

And here’s the plot twist. Thanks to this announcement, Gryphon Digital Mining’s stock skyrocketed by 173% in a single day. A true testament to how Bitcoin can turn even the most absurd ventures into golden opportunities. 🚀

But, wait—Bitcoin mining isn’t the only thing on the Trump radar. The family is apparently all in on this crypto space, with one foot in stablecoins and the other in DeFi. What’s next? Mining dogecoin in the back of a limo? 🐕

Now, for some fun math from CryptoQuant’s Axel Adler: mining a single BTC costs around $36.8K. With BTC hovering above $100K, that’s a nifty +180% gain. But—and here comes the plot twist—some analysts are saying that these costs only include electricity. If you add in mining hardware, well, brace yourself: that could push the cost of mining a single BTC to a whopping $80K-$90K. Yikes! ⚡

All in all, this bold American Bitcoin-Gryphon deal is slated to wrap up in Q3 2025. Will it generate market buzz? Who knows—stay tuned to find out whether this is the crypto empire of your dreams or just another Trumpian folly. 🔮

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2025-05-14 01:59

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