Trump Family’s Bitcoin Mining Venture Set to Go Public Amid Rising Crypto Interests
May 12, 2025
By Joe Walsh, Senior Editor, CBS News
In a significant move reflecting the increasing involvement of the Trump family in cryptocurrency, a bitcoin mining company co-founded by Eric Trump has announced plans to go public this year. The initiative marks a notable expansion of the family’s interests in the crypto sector.
American Bitcoin Merging with Gryphon Digital Mining
American Bitcoin is set to merge with Gryphon Digital Mining, a publicly traded entity, in an all-stock transaction that will enable the Trump-backed firm to be listed on the Nasdaq exchange. The merger is anticipated to close by the third quarter of 2025, positioning American Bitcoin to make a substantial impact in the cryptocurrency mining landscape.
Eric Trump, who serves as co-founder of American Bitcoin, expressed his ambitions for the company: "Our vision for American Bitcoin is to create the most investable Bitcoin accumulation platform in the market."
American Bitcoin was launched in March 2025, and it originally emerged from a previous venture known as American Data Centers, which also received backing from Eric Trump and his brother, Donald Trump Jr., alongside publicly traded Dominari Holdings. The company aims to mine new bitcoin at a cost lower than the current market rate while simultaneously building a reserve of the cryptocurrency.
The Nature and Controversies of Bitcoin Mining
Bitcoin mining plays a crucial role in the operations of Bitcoin as it involves independent miners performing complex mathematical computations to validate transactions, subsequently recording them on a public ledger called a blockchain. Successful miners are rewarded with bitcoin, incentivizing the operation.
The ongoing demand for mining is fueled by the current trading price of bitcoin, which hovers around $102,000. However, the mining process generates considerable controversy due to its high energy consumption, reportedly utilizing approximately 187.9 terawatt-hours of electricity annually—more than the total energy consumption of Egypt.
Expansion of the Trump Family’s Crypto Interests
The venture into bitcoin mining is part of a broader trend of cryptocurrency investments by the Trump family. They are also involved with World Liberty Financial, a crypto exchange that recently secured a multi-billion dollar investment from a firm based in Abu Dhabi. Additionally, Donald Trump Jr. and Eric Trump were behind the launch of a new "meme coin" called $TRUMP earlier this year, which has garnered attention for its volatility.
Reports indicate that cryptocurrency investments represent a significant portion of the Trump family’s net worth, estimated at around $2.9 billion.
Concerns Over Potential Conflicts of Interest
The expansion of the Trump family’s cryptocurrency interests has raised eyebrows, with concerns surfacing regarding potential conflicts of interest. Just last week, Senate Democrats stalled a crypto regulation bill, calling for stricter limitations on elected officials engaged in various cryptocurrency activities. Senator Elizabeth Warren, a Massachusetts Democrat, accused the Trump family of what she termed "crypto corruption."
In response to the controversies, the White House has defended the Trump family’s actions. Spokesperson Anna Kelly asserted that Donald Trump’s assets are managed in a trust overseen by his children, which she claims mitigates concerns regarding conflicts of interest.
As the Trump family’s venture into the cryptocurrency realm continues to unfold, the implications of their activities in this sector may resonate beyond just their financial pursuits, touching on governance and regulatory issues as well.
For further updates on this developing story and other news, stay tuned to CBS News.
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