In a new move by the presidential family to further expand their footprint in the digital asset industry, Eric Trump, the son of President Donald Trump, announced the launch of American Bitcoin, a new Bitcoin (BTC) mining company that aims to go public.
American Bitcoin To Go Public With Ticker Symbol ABTC
According to a Fortune report, American Bitcoin has already reserved the ticker symbol “ABTC” with Nasdaq, a step that indicates the company’s intent to enter the public market. Eric Trump, alongside Asher Genoot, CEO of Hut 8, a publicly traded Bitcoin mining company, expressed confidence in the enterprise’s future.
“We can confirm that we have reserved the ticker with a US stock exchange,” a spokesperson for American Bitcoin stated to Fortune. The ticker registration is a crucial step, as companies must “reasonably expect” to use it within two years.
The collaboration between Eric Trump and Genoot emerged from their shared network, described by Eric as comprising “about 100 of the same friends.”
The partnership reportedly blossomed earlier this year after the Trump brothers, Eric and Donald Trump Jr., announced plans to launch a data center company, which has since been rebranded as American Bitcoin.
Following a series of discussions, including casual dinners at the Trump family’s golf club in Jupiter, Florida, the duo decided to pivot towards a Bitcoin-focused venture.
“I think ultimately it will become a Bitcoin proxy,” Eric Trump remarked, drawing parallels to the corporate strategy employed by Michael Saylor, whose firm has successfully integrated Bitcoin into its financial structure.
As of now, Hut 8 holds an 80% stake in American Bitcoin, while the remaining 20% is owned by Eric Trump, Donald Trump Jr., and early investors from the original data center initiative.
Eric Trump Defends Family’s Crypto Activities
This venture is the latest in a series of crypto-related activities from the Trump family. In December 2022, Donald Trump entered the blockchain arena by launching his own non-fungible token (NFT) collection.
Since then, the family has expanded its crypto footprint with the launch of the World Liberty Financial app, an endorsement of a memecoin named TRUMP, and plans to issue a stablecoin pegged to fiat currencies.
The Trump administration’s approach to cryptocurrency has been notably more favorable compared to that of former President Joe Biden.
During his tenure, President Trump has appointed an AI and crypto czar, pardoned individuals convicted of crypto-related offenses, and authorized the establishment of a strategic reserve for Bitcoin and digital assets.
However, this close alignment between the Trump family’s crypto endeavors and the administration’s pro-crypto policies has raised concerns regarding potential conflicts of interest.
Eric Trump has refuted these claims, emphasizing that the Trump Organization initiated World Liberty Financial a year prior to his father’s election. “This is something that our family believes in,” Eric stated. “It’s something our family speaks about with our heart and soul.”
At the time of writing, the market’s leading cryptocurrency trades at $83,660, recording a 2.5% drop on the monthly time frame.
Featured image from DALL-E, chart from TradingView.com
