16-5-2025 – Eric Trump, scion of US President Donald Trump, heralded a global frenzy to amass Bitcoin. “From sovereign wealth funds to the world’s wealthiest dynasties and corporate giants, the race to secure Bitcoin is relentless,” he proclaimed during a panel alongside Asher Genoot, chief executive of Bitcoin mining firm Hut 8. His words painted a vivid picture of a worldwide scramble, with Bitcoin at its heart, as he described overhearing this zeal even amidst the hum of aeroplane engines during his travels.
Yet, Eric Trump’s ambitions extend beyond rhetoric. On 12 May, his venture, American Bitcoin—a subsidiary of Hut 8, a titan in North American cryptocurrency mining—forged a landmark agreement with Gryphon Digital Mining. This all-stock merger, poised to create one of the United States’ foremost Bitcoin mining entities, is set to list on Nasdaq by the third quarter of 2025. Co-founded with his brother, American Bitcoin aims to serve as a gateway for investors, offering access to the cryptocurrency through regulated US stock markets. The announcement sent Gryphon’s shares soaring by over 200%, with Hut 8’s stock also riding the wave, a move analysts attribute to strategic positioning ahead of the next Bitcoin halving cycle.
However, this burgeoning crypto empire has not escaped controversy. Democrats in Washington have raised alarms over the Trump family’s deepening ties to digital assets, citing potential conflicts of interest. Concerns swirl around ventures ranging from meme coins like $TRUMP to NFT collections and a stablecoin project reportedly linked to Trump-affiliated firms. A bipartisan hearing on digital assets earlier this month descended into discord, with House Democrats decrying Republicans for sidestepping allegations of ethical breaches within the President’s circle. On 13 May, Senate Democrats urged President Trump to divest his cryptocurrency holdings—estimated by State Democracy Defenders Action to constitute nearly 40% of his $2.9 billion fortune—warning that such investments could exploit his office for personal gain and expose him to foreign influence in an industry ripe for deregulation.
The administration’s crypto-friendly stance, underscored by President Trump’s recent directive to establish a US Strategic Bitcoin Reserve, has further polarised opinion. While some laud it as a visionary step, critics dismiss it as a thinly veiled ploy to bolster family interests. The postponement of a bipartisan stablecoin bill, now likely to face a second vote before May’s end, reflects the growing tension surrounding the Trumps’ influence in this volatile sector.