Following the president's footsteps, his sons, Eric Trump and Donald Trump Jr., have also entered the crypto industry.
According to a securities application released Tuesday, Eric Trump is set to become one of the wealthiest individuals in the crypto industry following the merger of Griffon Digital Mining and American Bitcoin.
Eric Trump's Bitcoin stock may be worth $367 million
Eric Trump's interest in the fledgling Bitcoin mining company may soon make him one of the wealthiest individuals in the US crypto sector.
According to Securities filing President Donald Trump's second son, Eric Trump, is set to receive 367 million shares from Gryphon Digital Mining Inc., as part of a merger with American Bitcoin Corp., a company he co-founded in March.
Griffon's shares were trading at about $1 on Thursday. This means that the future value of Trump's interests based on current market conditions is a whopping $367 million.
President Trump threw the weights of the Potus office behind Cryptocurrencies. This is a sharp pivot from his first term when he was a ruthless skeptic in the industry. In June, the president signed an executive order aimed at building the nation's Bitcoin Reserve, and this week he publicly insisted on leading what he called the “golden age of crypto.”
Eric Trump is American Bitcoin's Chief Strategy Officer. It serves a three-year advisory agreement but does not include financial compensation. He is an executive within the Trump organization and is involved in various family-owned ventures.
The Trump family owns stocks in the cryptocurrency industry
The recent private sales of American Bitcoin stocks fixed the value of the new stock at 25 cents each. The submission did not reveal what Eric Trump or his brother Donald Trump Jr. paid for their initial investment.
American Bitcoin Corp. was created by merging mining equipment from Miami-based Hut 8 Corp. with new corporate entities backed by Trump's son and other unknown investors.
In a statement following the announcement of the merger, HUT 8 emphasized that the transaction will be combined with established mining operations with “Eric Trump's commercial insights, capital market expertise and commitment to advancement in a decentralized financial system.”
The newly merged company, which holds the American Bitcoin name, is expected to be made public in the coming weeks.
White House press chief Caroline Leavitt dismissed concerns about a potential conflict of interest over Trump family's deepening involvement in the crypto space.
“Neither the president nor his family were involved or involved in a conflict of interest,” she said in a statement.
At the major Bitcoin conference in May, Eric Trump appeared alongside other American Bitcoin executives, declaring his family's full support for the industry. “We have 100% of the presidents who love this industry and are behind it,” he said. “I'm telling you, as a family, we couldn't be more excited about this.”
