Wired

07/31/2025

In March, crypto exchange Binance announced a $2 billion investment from a fund backed by Abu Dhabi’s government. Two months later, the Trump family’s World Liberty Financial’s stablecoin, USD1, was chosen for the transaction. On July 18, President Trump signed the GENIUS Act, which regulates stablecoins, into law. The House passed legislation laying out rules for the crypto market the day prior, which the president has requested land on his desk by August.

“We’re able to tap into the American energy story,” Prusak says, noting Eric and Donald Jr.’s large and increasingly bitcoin-interested audiences. Sean Glennan, Hut 8’s chief financial officer, who previously worked at Citi, calls his current industry “mimetic”—having a public-facing executive from one of the world’s most meme-able families doesn’t hurt.

“American Bitcoin is uniquely positioned to scale faster and operate leaner than anyone in the space,” Eric said in a written statement to WIRED, citing Hut 8’s track record, infrastructure, and energy expertise as “unmatched.”

Having mined 215 bitcoin between its April launch and May 31, American Bitcoin rounds out the Trump family’s crypto business portfolio. As of July 1, it had raised $220 million from investors, which it plans to put toward buying bitcoin and mining equipment. Together with the Trumps’ past crypto plays—which include a memecoin, stablecoin, and $2.5 billion bitcoin treasury investment for Trump Media & Technology Group, which includes Truth Social—American Bitcoin is helping further consolidate the family’s influence over this growing, and increasingly institution- and government-tied, financial ecosystem.