Following in the President’s footsteps, his sons, Eric Trump and Donald Trump Jr., are also making inroads in the crypto industry.
According to a securities filing made public on Tuesday, Eric Trump is set to become one of the wealthiest individuals in the crypto industry following a merger between Gryphon Digital Mining and American Bitcoin Corp., which he cofounded.
Eric Trump’s Bitcoin stake could be worth $367M
Eric Trump’s interest in a fledgling Bitcoin mining company may soon make him one of the wealthiest individuals in the U.S. crypto sector.
According to a securities filing made public on Tuesday, Eric Trump, the second son of President Donald Trump, is set to receive 367 million shares in Gryphon Digital Mining Inc. as part of a merger between the publicly traded firm and American Bitcoin Corp., a company he co-founded in March.
Gryphon shares were trading at roughly $1 on Thursday, which implies that the future value of Trump’s stake under current market conditions is a whopping $367M.
President Trump has thrown the weight of the POTUS office behind cryptocurrencies, a sharp pivot from his first term when he was an unrelenting skeptic of the industry. In June, the president signed an executive order aimed at building a national Bitcoin reserve, and this week, he publicly advocated for ushering in what he called a “golden age of crypto” in the United States.
Eric Trump is serving as the chief strategy officer for American Bitcoin, a role that carries a three-year advisory agreement but does not include financial compensation, according to the filing. He remains an executive within the Trump Organization and is involved in various family-owned ventures.
The Trump family has stakes in the cryptocurrency industry
A recent private sale of American Bitcoin shares pegged the value of the new stock at just 25 cents apiece, which would bring Trump’s stake down to approximately $92M. The filing did not disclose what Eric Trump or his brother, Donald Trump Jr., paid for their initial investments.
American Bitcoin Corp. was created by merging the mining equipment of the Miami-based Hut 8 Corp. with a new corporate entity backed by the Trump sons and other unnamed investors.
In a statement following the merger’s announcement, Hut 8 emphasized that the deal would combine its established mining operations with “Eric Trump’s commercial acumen, capital markets expertise, and commitment to the advancement of decentralized financial systems.”
The newly merged company, which will retain the American Bitcoin name, is expected to go public in the coming weeks.
White House press secretary Karoline Leavitt dismissed concerns about potential conflicts of interest concerning the Trump family’s deepening involvement in the crypto space.
“Neither the President nor his family has ever engaged, or will ever engage, in conflicts of interest,” she said in a statement.
At a major Bitcoin conference in May, Eric Trump appeared alongside other American Bitcoin executives and declared his family’s full support for the industry. “We have a president who loves this industry and is behind this industry 100%,” he said. “I’m telling you, we as a family could not be more excited about this.”