American Bitcoin is a Bitcoin mining company backed by Eric Trump, Donald Trump Jr., and Hut 8. Hut 8 contributed the vast majority of its Bitcoin mining ASICs in exchange for 80% of American Bitcoin's stock. Hut 8 will pivot remaining operations toward building a data center business that includes hosting chips for AI. American Bitcoin reached public markets via an all-stock merger with Gryphon Digital Mining and raised $220 million through private stock sales. Eric Trump positioned the company as a means for investors to gain exposure to Bitcoin. The Trump family's crypto ventures include tokens, a stablecoin, memecoins, NFTs, public companies, and planned crypto lending and borrowing services, which have generated billions in proceeds.
"I think ultimately it will become a Bitcoin proxy,"
"There's no doubt about it."
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