Summary
- It was reported that President Donald Trump's family is entering the virtual asset mining business and plans to secure a 20% stake through the merger of American Data Center (ADC) and Hut 8 Mining.
- American Blockchain will start with Hut 8 Mining holding an 80% stake and relocating 61,000 mining machines.
- President Trump is reportedly pursuing pro-cryptocurrency policies with the goal of making the United States the capital of cryptocurrency.
The family of Donald Trump, the President of the United States, has entered the Bitcoin mining business.
According to the Wall Street Journal (WSJ) on the 31st (local time), American Data Center (ADC) plans to secure a 20% stake by merging with the mining company American Blockchain, owned by Hut 8 Mining.
American Data Center is a company established last February with Eric Trump, Donald Trump Jr., and the investment company Dominari Holidays. The newly established mining company American Blockchain will be launched by Hut 8 taking an 80% stake, while transferring 61,000 mining machines to the new company.
ADC, operated by Trump Jr. and Eric, will own a 20% stake in the newly launched American Bitcoin. The company's goal is to become the world's largest virtual asset miner. They plan to hold Bitcoin.
The Trump family has been accelerating its virtual asset business since launching the virtual asset platform World Liberty Financial (WLF) last September, selling meme coins of President Trump and his wife. Recently, they also issued the stablecoin USD1.
President Trump has declared his intention to make the United States the capital of cryptocurrency and is pursuing pro-cryptocurrency policies. Shortly after taking office, he ordered the promotion of a virtual asset strategy reserve through an executive order.
Yisongryeol, Hankyung.com reporter yisr0203@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
