The Trump family is making big moves in the crypto world, and it’s all about Bitcoin.
American Bitcoin’s Big Score
Eric and Donald Trump Jr.’s company, American Bitcoin (a Hut8 subsidiary), just raised a whopping $220 million. This cash will be used to buy more Bitcoin and expand their Bitcoin mining operation (using powerful computers to process Bitcoin transactions). They immediately converted about $10 million of the new funds into Bitcoin. While the investors aren’t publicly named, the plan is to eventually list American Bitcoin on the Nasdaq stock exchange.
Beyond American Bitcoin: The Trump Crypto Empire
The Trump family’s crypto ambitions are huge. Their social media company, Truth Social, wants to build a massive Bitcoin treasury – think Michael Saylor’s strategy, but bigger. They’re also working on a Bitcoin ETF (a fund that tracks Bitcoin’s price without directly owning it).
The TRUMP Memecoin and Other Ventures
There’s also the TRUMP memecoin, which initially exploded in value but has since fallen significantly. And World Liberty Financial (WLFI), another Trump-linked project, is launching a DeFi app and its own stablecoin (a cryptocurrency pegged to the US dollar).
In short, the Trump family is betting big on cryptocurrency, with multiple projects spanning mining, investing, and even memecoins. Whether these ventures will be successful remains to be seen.