Eric Trump, son of former President Donald Trump, has publicly stated that there is “virtually none” when it comes to communication about cryptocurrency between himself and the President, despite the administration’s increasing focus on digital assets. His remarks follow an announcement that he and his brother, Donald Trump Jr., are launching a Bitcoin mining-focused venture with Hut 8 Corp. This new company, American Bitcoin Corp., aims to concentrate on Bitcoin mining as well as the development of a Strategic Bitcoin Reserve.
In his role as Chief Strategy Officer at American Bitcoin, Eric Trump will collaborate closely with Hut 8 CEO Asher Genoot. They plan to integrate Hut 8’s existing mining operations with their newly established entity. According to Genoot, Hut 8 will “contribute our rigs into the entity in return for an 80% stake,” assigning the Trump side 20%. However, the specific breakdown of ownership within that 20% has not yet been disclosed.
Addressing Conflict of Crypto Interest Concerns
During a recent interview with Bloomberg Crypto, Eric Trump was questioned about the potential involvement of the White House in—or benefits derived from—the family’s expanding crypto initiatives. He maintained that there is no conflict of interest, stating: “Yeah, virtually none. I can tell you my father’s always been a big part of cryptocurrency. […] He fell in love with an industry because the regulators were going after that industry […] the exact same way as they were going after our family.”
Eric Trump responded to criticisms suggesting that the administration’s activities may be more about enriching the Trump family than promoting the crypto industry. He dismissed these views as misplaced, noting: “By that same standard, you know, lower energy prices enriches us because we use gasoline in our lawnmowers at our golf courses. Right? I mean, it’s kind of a ridiculous notion. The entire world is going toward the crypto industry. There’s no question about it.”
American Bitcoin Corp. aims to emerge as a considerable player in the Bitcoin mining space from its inception. Genoot highlights that the objective is to build one of the largest Bitcoin mining and holding companies. This standalone public entity aims to supply investors with a dedicated mining company that has the ability to produce Bitcoin at a lower cost than purchasing it outright.
Eric Trump expressed his optimism for Bitcoin’s potential as “digital gold” and underscored the cryptocurrency’s growing global acceptance. He stated that American Bitcoin’s strategy will blend Hut 8’s technical expertise in data centers and mining with the Trump family’s broader vision: “You take a company that’s able to literally mine Bitcoin for almost 50% of what it’s trading for … and they’re able to bring up the scale. It’s a dynamite combination. And I think we’re going to take the industry by storm.”
In addition to American Bitcoin, the Trump family remains associated with various crypto ventures. Eric Trump discussed World Liberty Financial, an initiative that raised substantial funds through governance tokens, investing deeper into cryptocurrencies. Former President Trump has also promoted stablecoin legislation and engaged with the crypto industry during his term, which some critics argue blurs the lines between family business interests and national policy objectives.
Despite the various family initiatives, Eric Trump reiterated that allegations of conflict are unfounded: “There are no conflicts because I work with the White House. I’ve been in private industry my entire life, and we started World Liberty long before my father ever got elected.” He maintained that there is minimal dialogue regarding crypto between him and President Trump. When asked whether the White House’s efforts to enhance the accessibility of crypto necessitate a firewall, he responded: “Virtually none. … My father was a massive believer in cryptocurrencies, as am I. And really, our political experience is what brought us to the table in this amazing new kind of financial frontier.”
As of press time, Bitcoin was trading at $84,097.
